Artisan Partners Limited Partnership Boosts Holdings in Otis Worldwide Co. (NYSE:OTIS)

Artisan Partners Limited Partnership raised its holdings in Otis Worldwide Co. (NYSE:OTISGet Rating) by 15.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 749,754 shares of the company’s stock after buying an additional 100,160 shares during the quarter. Artisan Partners Limited Partnership owned approximately 0.18% of Otis Worldwide worth $52,985,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Wilbanks Smith & Thomas Asset Management LLC grew its holdings in Otis Worldwide by 2.4% in the 2nd quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 5,840 shares of the company’s stock valued at $413,000 after buying an additional 138 shares during the period. Brighton Jones LLC lifted its stake in shares of Otis Worldwide by 3.6% in the 2nd quarter. Brighton Jones LLC now owns 4,017 shares of the company’s stock valued at $284,000 after purchasing an additional 141 shares in the last quarter. Boston Financial Mangement LLC lifted its stake in shares of Otis Worldwide by 2.9% in the 2nd quarter. Boston Financial Mangement LLC now owns 5,276 shares of the company’s stock valued at $373,000 after purchasing an additional 148 shares in the last quarter. Allworth Financial LP lifted its stake in shares of Otis Worldwide by 7.3% in the 2nd quarter. Allworth Financial LP now owns 2,272 shares of the company’s stock valued at $161,000 after purchasing an additional 155 shares in the last quarter. Finally, CX Institutional lifted its stake in shares of Otis Worldwide by 6.1% in the 1st quarter. CX Institutional now owns 2,704 shares of the company’s stock valued at $208,000 after purchasing an additional 156 shares in the last quarter. Hedge funds and other institutional investors own 83.16% of the company’s stock.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $78.10 on Thursday. Otis Worldwide Co. has a 1 year low of $62.49 and a 1 year high of $88.22. The stock has a fifty day moving average of $69.59 and a two-hundred day moving average of $72.33. The firm has a market capitalization of $32.54 billion, a PE ratio of 26.84 and a beta of 0.98.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, December 10th. Shareholders of record on Friday, November 18th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Thursday, November 17th. This represents a $1.16 dividend on an annualized basis and a yield of 1.49%. Otis Worldwide’s dividend payout ratio (DPR) is presently 39.86%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on OTIS. Wells Fargo & Company reduced their price target on Otis Worldwide from $70.00 to $65.00 and set an “underweight” rating on the stock in a research report on Thursday, October 27th. Barclays lowered their price target on Otis Worldwide from $83.00 to $80.00 and set an “overweight” rating for the company in a report on Monday, October 3rd. Credit Suisse Group boosted their price target on Otis Worldwide from $73.00 to $76.00 and gave the company a “neutral” rating in a report on Thursday, October 27th. Finally, Argus downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Monday, November 7th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $77.00.

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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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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