Brown Advisory Inc. Sells 8,617 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Brown Advisory Inc. trimmed its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 5.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 137,836 shares of the company's stock after selling 8,617 shares during the quarter. Brown Advisory Inc.'s holdings in Otis Worldwide were worth $14,225,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in OTIS. JPMorgan Chase & Co. raised its holdings in Otis Worldwide by 26.5% during the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock worth $3,289,868,000 after purchasing an additional 7,447,860 shares in the last quarter. Norges Bank acquired a new position in shares of Otis Worldwide during the 4th quarter valued at $649,883,000. GAMMA Investing LLC raised its stake in shares of Otis Worldwide by 12,162.8% in the 1st quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock worth $84,701,000 after buying an additional 814,057 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Otis Worldwide in the 4th quarter worth $66,962,000. Finally, Northern Trust Corp lifted its holdings in shares of Otis Worldwide by 12.3% in the fourth quarter. Northern Trust Corp now owns 4,577,626 shares of the company's stock valued at $423,934,000 after buying an additional 501,016 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

NYSE:OTIS traded down $0.55 during trading hours on Friday, reaching $99.41. The company's stock had a trading volume of 1,187,189 shares, compared to its average volume of 2,320,662. The company has a market cap of $39.24 billion, a price-to-earnings ratio of 25.83 and a beta of 0.98. Otis Worldwide Corporation has a one year low of $89.70 and a one year high of $106.83. The business's 50-day moving average is $97.04 and its 200-day moving average is $96.94.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The company had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same quarter last year, the firm posted $0.88 earnings per share. The company's quarterly revenue was down 2.5% compared to the same quarter last year. On average, sell-side analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.69%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide's dividend payout ratio is 44.09%.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of research analyst reports. Morgan Stanley lifted their target price on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday. JPMorgan Chase & Co. lifted their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Royal Bank Of Canada cut their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Barclays lifted their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an "underweight" rating in a research report on Wednesday. Finally, Wells Fargo & Company increased their price objective on Otis Worldwide from $95.00 to $100.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $102.86.

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.