Avantax Advisory Services Inc. Lowers Stake in Otis Worldwide Corporation (NYSE:OTIS)

Avantax Advisory Services Inc. lowered its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 39.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,974 shares of the company's stock after selling 12,446 shares during the period. Avantax Advisory Services Inc.'s holdings in Otis Worldwide were worth $1,958,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. NBC Securities Inc. purchased a new position in Otis Worldwide in the first quarter valued at $25,000. Transce3nd LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at about $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at about $28,000. Wayfinding Financial LLC acquired a new stake in shares of Otis Worldwide in the first quarter valued at about $31,000. Finally, Orion Capital Management LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at about $35,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Down 0.9%

Otis Worldwide stock traded down $0.74 during mid-day trading on Thursday, reaching $85.69. 4,071,348 shares of the company's stock were exchanged, compared to its average volume of 2,956,224. The company has a market cap of $33.63 billion, a P/E ratio of 22.67, a P/E/G ratio of 4.15 and a beta of 0.98. Otis Worldwide Corporation has a twelve month low of $85.45 and a twelve month high of $106.83. The company has a fifty day moving average of $96.08 and a 200-day moving average of $97.12.

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

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, August 15th. Otis Worldwide's dividend payout ratio (DPR) is currently 44.44%.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of recent research reports. Royal Bank Of Canada lowered their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research report on Monday. Morgan Stanley boosted their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 24th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $102.50.

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.