Cetera Investment Advisers Decreases Position in Otis Worldwide Corporation (NYSE:OTIS)

Cetera Investment Advisers lowered its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 8.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,700 shares of the company's stock after selling 4,097 shares during the quarter. Cetera Investment Advisers' holdings in Otis Worldwide were worth $4,407,000 at the end of the most recent reporting period.

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

Otis Worldwide Trading Up 0.5%

NYSE OTIS traded up $0.44 during mid-day trading on Monday, hitting $85.37. The company's stock had a trading volume of 3,632,597 shares, compared to its average volume of 3,302,075. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The firm has a market capitalization of $33.50 billion, a price-to-earnings ratio of 22.58, a PEG ratio of 4.08 and a beta of 0.95. The company's 50 day simple moving average is $95.61 and its 200 day simple moving average is $97.07.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (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 the consensus estimate of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. The company's quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.06 EPS. As a group, research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages recently weighed in on OTIS. Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 price objective on the stock. Wells Fargo & Company decreased their price target on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research note on Thursday, July 24th. Morgan Stanley increased their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Barclays decreased their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Thursday, July 24th. Finally, JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide Company 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.