Allianz Asset Management GmbH Lowers Stock Position in Otis Worldwide Corporation $OTIS

Key Points

• Allianz Asset Management GmbH has reduced its stake in Otis Worldwide Corporation by 13.9% during the second quarter, ending with 106,713 shares valued at approximately $10.57 million.
• Otis Worldwide reported $1.05 earnings per share for the last quarter, exceeding analyst estimates of $1.03, despite a revenue decline of 0.2% year-over-year.
• Several analysts have set new price targets for Otis Worldwide, with consensus estimates indicating a Hold rating and an average price target of $104.63.

Allianz Asset Management GmbH lessened its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 13.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 106,713 shares of the company's stock after selling 17,256 shares during the quarter. Allianz Asset Management GmbH's holdings in Otis Worldwide were worth $10,567,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its holdings in Otis Worldwide by 6.7% in the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock valued at $3,913,347,000 after purchasing an additional 2,396,134 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in Otis Worldwide by 1.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 31,673 shares of the company's stock valued at $3,269,000 after purchasing an additional 371 shares in the last quarter. Golden State Wealth Management LLC boosted its holdings in Otis Worldwide by 64.8% in the 1st quarter. Golden State Wealth Management LLC now owns 613 shares of the company's stock valued at $63,000 after purchasing an additional 241 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Otis Worldwide by 3.1% in the 1st quarter. Principal Financial Group Inc. now owns 476,961 shares of the company's stock valued at $49,222,000 after purchasing an additional 14,413 shares in the last quarter. Finally, Lifeworks Advisors LLC boosted its holdings in Otis Worldwide by 5.9% in the 1st quarter. Lifeworks Advisors LLC now owns 56,115 shares of the company's stock valued at $5,791,000 after purchasing an additional 3,105 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $92.69 on Wednesday. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The company has a market capitalization of $36.38 billion, a P/E ratio of 24.52, a P/E/G ratio of 3.59 and a beta of 1.00. The business has a 50 day moving average price of $89.13 and a 200 day moving average price of $93.16.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.02. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same period in the previous year, the firm posted $1.06 EPS. The company's quarterly revenue was down .2% compared to the same quarter last year. As a group, research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, August 15th. Otis Worldwide's payout ratio is currently 44.44%.

Analysts Set New Price Targets

A number of brokerages have weighed in on OTIS. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 price objective on the stock. Wolfe Research set a $109.00 price target on shares of Otis Worldwide and gave the company an "outperform" rating in a research report on Wednesday, October 8th. Wells Fargo & Company lifted their price target on shares of Otis Worldwide from $93.00 to $95.00 and gave the company an "equal weight" rating in a research report on Monday, October 6th. Barclays reduced their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Thursday, July 24th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an "overweight" rating in a research report on Wednesday, October 15th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Otis Worldwide currently has an average rating of "Hold" and a consensus price target of $104.63.

Otis Worldwide 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.

Want to see what other hedge funds are holding OTIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Otis Worldwide Corporation (NYSE:OTIS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.