Avanza Fonder AB Decreases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Avanza Fonder AB decreased its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 18.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 34,728 shares of the company's stock after selling 8,001 shares during the quarter. Avanza Fonder AB's holdings in Otis Worldwide were worth $3,610,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. PineStone Asset Management Inc. raised its holdings in Otis Worldwide by 4.2% in the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company's stock worth $278,054,000 after purchasing an additional 121,322 shares in the last quarter. SVB Wealth LLC bought a new position in Otis Worldwide in the fourth quarter worth $337,000. Clarkston Capital Partners LLC bought a new position in Otis Worldwide in the fourth quarter worth $8,743,000. Charles Schwab Investment Management Inc. raised its holdings in Otis Worldwide by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company's stock worth $213,418,000 after purchasing an additional 67,937 shares in the last quarter. Finally, Proficio Capital Partners LLC bought a new position in Otis Worldwide in the fourth quarter worth $193,000. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Trading Up 1.5%

Shares of OTIS traded up $1.45 during midday trading on Thursday, reaching $96.85. 2,405,966 shares of the stock were exchanged, compared to its average volume of 2,315,608. Otis Worldwide Co. has a 52 week low of $89.70 and a 52 week high of $106.83. The company's 50 day moving average is $96.10 and its two-hundred day moving average is $97.08. The company has a market capitalization of $38.22 billion, a P/E ratio of 23.85 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The business had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same quarter in the prior year, the company earned $0.88 EPS. The business's revenue was down 2.5% compared to the same quarter last year. On average, sell-side analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were given a dividend of $0.42 per share. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.73%. Otis Worldwide's dividend payout ratio is presently 44.09%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Royal Bank of Canada decreased their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Barclays lowered their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Wells Fargo & Company lowered their price target on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. Finally, JPMorgan Chase & Co. lifted their price objective on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $100.71.

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.