Cetera Investment Advisers grew its stake in Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 4.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,519 shares of the company's stock after acquiring an additional 256 shares during the quarter. Cetera Investment Advisers' holdings in Otis Worldwide were worth $461,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Otis Worldwide by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 39,127,186 shares of the company's stock valued at $3,010,837,000 after acquiring an additional 829,784 shares during the last quarter. Fiera Capital Corp increased its stake in Otis Worldwide by 3.6% during the 2nd quarter. Fiera Capital Corp now owns 10,382,608 shares of the company's stock worth $733,739,000 after purchasing an additional 357,384 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Otis Worldwide by 9.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,283,071 shares of the company's stock worth $444,028,000 after purchasing an additional 543,143 shares in the last quarter. Wellington Management Group LLP increased its stake in Otis Worldwide by 54.3% during the 1st quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company's stock worth $324,857,000 after purchasing an additional 1,484,963 shares in the last quarter. Finally, Lazard Asset Management LLC increased its stake in Otis Worldwide by 2.2% during the 2nd quarter. Lazard Asset Management LLC now owns 3,983,133 shares of the company's stock worth $281,487,000 after purchasing an additional 86,572 shares in the last quarter. 83.16% of the stock is owned by institutional investors.

Analyst Ratings Changes

OTIS has been the subject of a number of research reports. Credit Suisse Group increased their target price on Otis Worldwide from $73.00 to $76.00 and gave the stock a "neutral" rating in a research note on Thursday, October 27th. Barclays cut Otis Worldwide from an "overweight" rating to an "equal weight" rating and set a $80.00 target price for the company. in a research note on Thursday. Wells Fargo & Company lowered their target price on Otis Worldwide from $70.00 to $65.00 and set an "underweight" rating for the company in a research note on Thursday, October 27th. Finally, Argus cut shares of 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, six have given a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $77.00.

Otis Worldwide Trading Up 0.9 %

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, December 10th. Stockholders of record on Friday, November 18th will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 1.47%. The ex-dividend date is Thursday, November 17th. Otis Worldwide's payout ratio is presently 39.86%.

Otis Worldwide Company Profile

(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.

Further Reading

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