Otis Worldwide Corporation $OTIS Holdings Boosted by Markel Group Inc.

Markel Group Inc. lifted its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 9.0% during the third quarter, HoldingsChannel.com reports. The firm owned 145,620 shares of the company’s stock after purchasing an additional 12,000 shares during the quarter. Markel Group Inc.’s holdings in Otis Worldwide were worth $9,366,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in OTIS. BlackRock Inc. bought a new position in Otis Worldwide in the 2nd quarter worth about $2,264,017,000. State Street Corp increased its position in shares of Otis Worldwide by 2.9% during the second quarter. State Street Corp now owns 16,664,994 shares of the company’s stock valued at $1,193,214,000 after buying an additional 463,491 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Otis Worldwide in the second quarter worth about $423,739,000. Van ECK Associates Corp lifted its holdings in shares of Otis Worldwide by 0.6% in the second quarter. Van ECK Associates Corp now owns 3,993,011 shares of the company’s stock worth $285,900,000 after buying an additional 24,914 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Otis Worldwide in the second quarter worth about $223,003,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the subject of a number of analyst reports. Morgan Stanley set a $75.00 price objective on shares of Otis Worldwide in a research report on Monday, August 10th. Evercore reaffirmed an “outperform” rating and set a $95.00 target price on shares of Otis Worldwide in a report on Thursday, July 23rd. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating on the stock in a report on Thursday, October 29th. Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research note on Tuesday, July 28th. Finally, Sanford C. Bernstein raised their price target on shares of Otis Worldwide from $90.00 to $94.00 and gave the company an “outperform” rating in a report on Thursday, October 29th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $91.20.

Otis Worldwide Stock Down 1.9%

Otis Worldwide stock opened at $76.88 on Wednesday. Otis Worldwide Corporation has a 52 week low of $63.58 and a 52 week high of $94.57. The business has a 50-day simple moving average of $69.91 and a 200 day simple moving average of $76.31. The stock has a market cap of $29.27 billion, a price-to-earnings ratio of 19.13, a PEG ratio of 2.84 and a beta of 0.87.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.04. Otis Worldwide had a negative return on equity of 28.45% and a net margin of 10.28%. The firm had revenue of $3.91 billion for the quarter, compared to analysts’ expectations of $3.85 billion. During the same quarter last year, the firm posted $1.05 EPS. The company’s revenue was up 6.1% compared to the same quarter last year. On average, research analysts anticipate that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.76 annualized dividend and a dividend yield of 2.3%. Otis Worldwide’s payout ratio is presently 43.78%.

Otis Worldwide Profile

Otis Worldwide Corporation (NYSE: OTIS) is a global manufacturer and service provider for the elevator and escalator industry. The company designs, manufactures, installs, modernizes and maintains elevators, escalators and moving walkways for commercial buildings, residential developments, transportation hubs and other infrastructure projects.

Otis provides equipment for new construction as well as maintenance, repair and modernization services for existing systems. Its service operations support equipment from Otis and other manufacturers, helping building owners and operators manage the safety, performance and lifecycle of vertical transportation systems.

The company traces its history to 1853, when Elisha Otis demonstrated a safety device for elevators.