Hazlett Burt & Watson Inc. Boosts Holdings in Otis Worldwide Co. (NYSE:OTIS)

Hazlett Burt & Watson Inc. grew its position in Otis Worldwide Co. (NYSE:OTIS) by 62.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,136 shares of the company’s stock after purchasing an additional 1,201 shares during the quarter. Hazlett Burt & Watson Inc.’s holdings in Otis Worldwide were worth $327,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in OTIS. Quintet Private Bank Europe S.A. increased its holdings in shares of Otis Worldwide by 14.6% in the third quarter. Quintet Private Bank Europe S.A. now owns 267,617 shares of the company’s stock valued at $27,816,000 after purchasing an additional 34,088 shares during the period. QRG Capital Management Inc. boosted its holdings in shares of Otis Worldwide by 7.8% in the 3rd quarter. QRG Capital Management Inc. now owns 40,938 shares of the company’s stock valued at $4,255,000 after acquiring an additional 2,958 shares during the last quarter. National Pension Service increased its stake in shares of Otis Worldwide by 9.9% in the third quarter. National Pension Service now owns 1,175,241 shares of the company’s stock worth $122,155,000 after acquiring an additional 105,527 shares during the period. Cohen Capital Management Inc. lifted its position in Otis Worldwide by 0.7% during the third quarter. Cohen Capital Management Inc. now owns 47,996 shares of the company’s stock valued at $4,989,000 after purchasing an additional 310 shares during the period. Finally, Intact Investment Management Inc. acquired a new stake in Otis Worldwide during the third quarter worth about $72,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Shares of OTIS traded up $0.11 during mid-day trading on Monday, reaching $99.55. The stock had a trading volume of 322,381 shares, compared to its average volume of 2,108,230. Otis Worldwide Co. has a 52-week low of $79.44 and a 52-week high of $106.33. The firm has a market cap of $39.87 billion, a price-to-earnings ratio of 24.80 and a beta of 1.04. The business’s fifty day moving average is $99.11 and its 200 day moving average is $96.91.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.95 EPS. As a group, sell-side analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.57%. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Barclays cut their price objective on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a report on Thursday. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target for the company. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $102.00.

About Otis Worldwide

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of 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.