Guinness Asset Management LTD Boosts Holdings in Otis Worldwide Co. (NYSE:OTIS)

Guinness Asset Management LTD lifted its stake in shares of Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 3.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 915,602 shares of the company’s stock after acquiring an additional 34,369 shares during the period. Otis Worldwide accounts for about 2.6% of Guinness Asset Management LTD’s investment portfolio, making the stock its 14th largest position. Guinness Asset Management LTD owned 0.22% of Otis Worldwide worth $70,464,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. Cetera Advisor Networks LLC increased its stake in Otis Worldwide by 16.1% during the third quarter. Cetera Advisor Networks LLC now owns 17,282 shares of the company’s stock worth $1,422,000 after acquiring an additional 2,398 shares during the last quarter. Laird Norton Trust Company LLC purchased a new stake in Otis Worldwide during the fourth quarter worth approximately $245,000. Strong Tower Advisory Services raised its stake in shares of Otis Worldwide by 6.4% in the 4th quarter. Strong Tower Advisory Services now owns 9,929 shares of the company’s stock valued at $865,000 after acquiring an additional 600 shares during the period. Cartenna Capital LP acquired a new position in shares of Otis Worldwide during the 4th quarter valued at $10,884,000. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its position in Otis Worldwide by 580.6% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,486 shares of the company’s stock worth $559,000 after purchasing an additional 5,533 shares during the period. 83.32% of the stock is currently owned by institutional investors and hedge funds.

NYSE:OTIS opened at $68.76 on Thursday. The stock has a market cap of $29.07 billion, a price-to-earnings ratio of 23.63 and a beta of 0.88. Otis Worldwide Co. has a 1 year low of $66.97 and a 1 year high of $92.84. The business has a fifty day moving average of $73.57 and a 200-day moving average of $78.25.

Otis Worldwide (NYSE:OTIS – Get Rating) last issued its quarterly earnings results on Monday, April 25th. The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.75 by $0.02. Otis Worldwide had a net margin of 8.73% and a negative return on equity of 35.81%. The business had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.45 billion. During the same quarter in the prior year, the firm earned $0.72 EPS. The firm’s quarterly revenue was up .2% on a year-over-year basis. Equities analysts expect that Otis Worldwide Co. will post 3.25 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, June 10th. Shareholders of record on Friday, May 20th were paid a dividend of $0.29 per share. The ex-dividend date was Thursday, May 19th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.69%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.24. Otis Worldwide’s dividend payout ratio (DPR) is 39.86%.

A number of equities analysts have weighed in on the company. Credit Suisse Group decreased their price target on Otis Worldwide from $88.00 to $81.00 and set a “neutral” rating for the company in a report on Tuesday, April 26th. Cowen dropped their price target on shares of Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 26th. Berenberg Bank decreased their price objective on shares of Otis Worldwide from $88.00 to $80.00 in a research report on Wednesday. Cowen dropped their target price on Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 26th. Finally, Barclays upgraded Otis Worldwide from an “equal weight” rating to an “overweight” rating and set a $82.00 price objective on the stock in a report on Tuesday, May 24th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $82.27.

About Otis Worldwide (Get Rating)

Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.

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