Bank of Nova Scotia Decreases Stock Position in Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• Bank of Nova Scotia reduced its stake in Otis Worldwide Corporation by 21.7% during the first quarter, now holding 44,592 shares valued at approximately $4.6 million.
• Research analysts have mixed ratings on Otis Worldwide, with one sell rating, five hold ratings, and two buy ratings resulting in a consensus target price of $102.50.
• Otis Worldwide declared a quarterly dividend of $0.42 per share, translating to an annualized yield of 1.9%, with the dividend payout ratio at 44.44%.

Bank of Nova Scotia decreased its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 21.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 44,592 shares of the company's stock after selling 12,345 shares during the period. Bank of Nova Scotia's holdings in Otis Worldwide were worth $4,602,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in OTIS. Simon Quick Advisors LLC bought a new position in shares of Otis Worldwide in the first quarter worth approximately $443,000. SG Americas Securities LLC bought a new stake in Otis Worldwide during the 1st quarter valued at $2,533,000. Quintet Private Bank Europe S.A. raised its holdings in Otis Worldwide by 3.4% during the 1st quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company's stock valued at $29,921,000 after buying an additional 9,467 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Otis Worldwide by 362.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company's stock valued at $45,294,000 after buying an additional 343,987 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC bought a new stake in shares of Otis Worldwide in the first quarter worth about $225,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Trading Up 0.1%

Otis Worldwide stock traded up $0.11 during trading hours on Friday, hitting $87.44. 3,025,030 shares of the stock traded hands, compared to its average volume of 3,887,888. The firm's 50-day moving average price is $95.07 and its two-hundred day moving average price is $96.88. The company has a market cap of $34.32 billion, a PE ratio of 22.62, a PEG ratio of 4.19 and a beta of 0.95. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $3.73 billion. During the same period in the previous year, the firm posted $1.06 EPS. The business's revenue for the quarter was down .2% compared to the same quarter last year. On average, sell-side 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. Stockholders of record on Friday, August 15th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, August 15th. Otis Worldwide's payout ratio is currently 44.44%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on OTIS. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 target price on the stock. Wells Fargo & Company cut their target price on 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. JPMorgan Chase & Co. cut their target price on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. Morgan Stanley raised their target price on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Finally, Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Otis Worldwide currently has an average rating of "Hold" and a consensus target price 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.