Echo Street Capital Management LLC purchased a new stake in Otis Worldwide Co. (NYSE:OTIS – Get Rating) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 50,810 shares of the company's stock, valued at approximately $3,591,000.

Other hedge funds have also bought and sold shares of the company. Baker Tilly Wealth Management LLC grew its position in Otis Worldwide by 7.1% in the 2nd quarter. Baker Tilly Wealth Management LLC now owns 4,773 shares of the company's stock valued at $337,000 after purchasing an additional 315 shares during the period. Cetera Investment Advisers lifted its stake in Otis Worldwide by 4.1% during the 2nd quarter. Cetera Investment Advisers now owns 6,519 shares of the company's stock valued at $461,000 after acquiring an additional 256 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Otis Worldwide by 0.4% during the 2nd quarter. Victory Capital Management Inc. now owns 381,323 shares of the company's stock valued at $26,948,000 after acquiring an additional 1,598 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Otis Worldwide by 8.2% during the 2nd quarter. Principal Financial Group Inc. now owns 568,433 shares of the company's stock valued at $40,172,000 after acquiring an additional 43,161 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Otis Worldwide by 21.6% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 16,057 shares of the company's stock valued at $1,136,000 after acquiring an additional 2,853 shares in the last quarter. Institutional investors and hedge funds own 83.16% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on OTIS. Wells Fargo & Company dropped their price objective on Otis Worldwide from $70.00 to $65.00 and set an "underweight" rating on the stock in a research note on Thursday, October 27th. Credit Suisse Group raised their price objective on Otis Worldwide from $73.00 to $76.00 and gave the company 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 price objective on the stock. in a research note on Thursday. Finally, Argus cut Otis Worldwide from a "buy" rating to a "hold" rating in a research note on Monday, November 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide has an average rating of "Hold" and an average price target of $77.00.

Otis Worldwide Price Performance

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, December 10th. Investors of record on Friday, November 18th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date of this dividend is Thursday, November 17th. Otis Worldwide's dividend payout ratio is currently 39.86%.

About Otis Worldwide

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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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