Banco Santander S.A. Has $3.79 Million Stake in Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• Banco Santander S.A. reduced its stake in Otis Worldwide by 55.4%, now holding 36,683 shares worth approximately $3.79 million as reported in their latest SEC filing.
• Otis Worldwide announced a quarterly dividend of $0.42, set to be paid on September 5th, with an annualized yield of 2.0% and a payout ratio of 44.44%.
• Analysts have set varied price targets for Otis Worldwide, with a consensus rating of "Hold" and a price target of $102.50.

Banco Santander S.A. trimmed its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 55.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,683 shares of the company's stock after selling 45,538 shares during the quarter. Banco Santander S.A.'s holdings in Otis Worldwide were worth $3,786,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in OTIS. Alberta Investment Management Corp acquired a new stake in Otis Worldwide in the 1st quarter worth approximately $17,985,000. Nicolet Advisory Services LLC acquired a new stake in Otis Worldwide in the 1st quarter worth approximately $203,000. US Financial Advisors LLC acquired a new stake in Otis Worldwide in the 1st quarter worth approximately $212,000. Natixis Advisors LLC lifted its holdings in Otis Worldwide by 16.0% in the 1st quarter. Natixis Advisors LLC now owns 325,875 shares of the company's stock worth $33,630,000 after purchasing an additional 44,957 shares during the last quarter. Finally, NorthRock Partners LLC lifted its holdings in Otis Worldwide by 6.9% in the 1st quarter. NorthRock Partners LLC now owns 6,732 shares of the company's stock worth $695,000 after purchasing an additional 433 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Down 1.0%

Shares of OTIS stock opened at $84.82 on Friday. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The firm has a market cap of $33.29 billion, a PE ratio of 22.44, a price-to-earnings-growth ratio of 4.08 and a beta of 0.95. The stock has a 50 day moving average of $95.84 and a 200-day moving average of $97.11.

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

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, August 15th. Otis Worldwide's dividend payout ratio is presently 44.44%.

Analysts Set New Price Targets

OTIS has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 target price for the company. JPMorgan Chase & Co. cut their price target on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Morgan Stanley upped their price target on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Wolfe Research upgraded Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Finally, Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $102.50.

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.

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