Steigerwald Gordon & Koch Inc. Buys 2,559 Shares of Otis Worldwide Co. (NYSE:OTIS)

Steigerwald Gordon & Koch Inc. increased its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 151,166 shares of the company’s stock after purchasing an additional 2,559 shares during the quarter. Otis Worldwide comprises about 1.8% of Steigerwald Gordon & Koch Inc.’s portfolio, making the stock its 26th biggest position. Steigerwald Gordon & Koch Inc.’s holdings in Otis Worldwide were worth $14,551,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the stock. Norges Bank bought a new position in Otis Worldwide in the fourth quarter valued at approximately $628,855,000. Vanguard Group Inc. boosted its stake in Otis Worldwide by 14.8% in the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after acquiring an additional 5,913,933 shares during the last quarter. PineStone Asset Management Inc. boosted its stake in Otis Worldwide by 138.3% in the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after acquiring an additional 2,590,780 shares during the last quarter. Sarasin & Partners LLP boosted its stake in Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after acquiring an additional 883,659 shares during the last quarter. Finally, Putnam Investments LLC boosted its stake in Otis Worldwide by 20.1% in the fourth quarter. Putnam Investments LLC now owns 2,409,345 shares of the company’s stock valued at $215,564,000 after acquiring an additional 403,215 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Performance

NYSE OTIS traded up $0.38 on Tuesday, reaching $92.06. The company had a trading volume of 58,842 shares, compared to its average volume of 2,051,818. The company’s fifty day moving average is $94.78 and its 200-day moving average is $95.97. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.84. The firm has a market capitalization of $37.22 billion, a price-to-earnings ratio of 26.49 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, topping the consensus estimate of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. During the same period in the previous year, the firm posted $0.92 EPS. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, research analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were issued a $0.39 dividend. The ex-dividend date was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. Otis Worldwide’s payout ratio is 45.09%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Argus lifted their price target on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research report on Friday. They set an “equal weight” rating and a $97.00 price target on the stock. Finally, Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 25th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $98.57.

Otis Worldwide Company Profile

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.