Otis Worldwide Corporation $OTIS Stock: Coerente Capital Management Increases Holdings

Coerente Capital Management raised its position in Otis Worldwide Corporation (NYSE:OTIS) by 7.4% in the 3rd quarter, Holdings Channel.com reports. The fund owned 225,420 shares of the company’s stock after acquiring an additional 15,535 shares during the quarter. Otis Worldwide makes up approximately 2.5% of Coerente Capital Management’s portfolio, making the stock its 18th biggest position. Coerente Capital Management’s holdings in Otis Worldwide were worth $14,499,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of OTIS. North Dakota State Investment Board increased its position in shares of Otis Worldwide by 1.4% during the third quarter. North Dakota State Investment Board now owns 11,766 shares of the company’s stock worth $757,000 after purchasing an additional 163 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Otis Worldwide by 1.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 17,871 shares of the company’s stock valued at $1,280,000 after purchasing an additional 169 shares during the last quarter. Soltis Investment Advisors LLC boosted its position in shares of Otis Worldwide by 2.4% in the 3rd quarter. Soltis Investment Advisors LLC now owns 7,598 shares of the company’s stock worth $489,000 after purchasing an additional 176 shares in the last quarter. Washington Trust Advisors Inc. boosted its position in shares of Otis Worldwide by 8.0% in the 2nd quarter. Washington Trust Advisors Inc. now owns 2,567 shares of the company’s stock worth $184,000 after purchasing an additional 190 shares in the last quarter. Finally, Eastern Bank grew its stake in Otis Worldwide by 2.7% during the 3rd quarter. Eastern Bank now owns 7,142 shares of the company’s stock worth $459,000 after buying an additional 190 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Evercore reiterated an “outperform” rating and issued a $95.00 price target on shares of Otis Worldwide in a research note on Thursday, July 23rd. Royal Bank Of Canada set a $90.00 price target on Otis Worldwide in a report on Tuesday, July 28th. Morgan Stanley set a $75.00 price target on Otis Worldwide in a report on Monday, August 10th. Finally, Wells Fargo & Company dropped their price target on Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating on the stock in a research note on Thursday, October 29th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $91.20.

Otis Worldwide Stock Up 3.8%

Otis Worldwide stock opened at $78.59 on Tuesday. Otis Worldwide Corporation has a 52 week low of $63.58 and a 52 week high of $94.57. The company has a market capitalization of $29.92 billion, a price-to-earnings ratio of 19.55, a price-to-earnings-growth ratio of 2.56 and a beta of 0.87. The stock has a 50-day moving average price of $69.82 and a 200 day moving average price of $76.38.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 28th. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.04. Otis Worldwide had a negative return on equity of 28.45% and a net margin of 10.28%. The firm had revenue of $3.91 billion for the quarter, compared to analyst estimates of $3.85 billion. During the same quarter in the prior year, the firm earned $1.05 earnings per share. Otis Worldwide’s revenue for the quarter was up 6.1% on a year-over-year basis. Research analysts anticipate that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, November 13th. Otis Worldwide’s payout ratio is presently 43.78%.

About Otis Worldwide

Otis Worldwide Corporation (NYSE: OTIS) is a global manufacturer and service provider for the elevator and escalator industry. The company designs, manufactures, installs, modernizes and maintains elevators, escalators and moving walkways for commercial buildings, residential developments, transportation hubs and other infrastructure projects.

Otis provides equipment for new construction as well as maintenance, repair and modernization services for existing systems. Its service operations support equipment from Otis and other manufacturers, helping building owners and operators manage the safety, performance and lifecycle of vertical transportation systems.

The company traces its history to 1853, when Elisha Otis demonstrated a safety device for elevators.