Citigroup Inc. Lowers Stock Holdings in Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• Citigroup Inc. significantly reduced its holdings in Otis Worldwide Corporation by 45.9%, now owning approximately 441,103 shares valued at $45.5 million after selling 373,738 shares during the first quarter.
• Otis Worldwide's recent earnings report showed an EPS of $1.05, exceeding expectations, but revenue fell slightly year-over-year, which analysts had anticipated.
• The company declared a $0.42 quarterly dividend, resulting in an annualized dividend of $1.68 with a yield of 1.9%, to be paid on September 5th.

Citigroup Inc. decreased its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 45.9% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 441,103 shares of the company's stock after selling 373,738 shares during the quarter. Citigroup Inc. owned approximately 0.11% of Otis Worldwide worth $45,522,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of OTIS. Cerity Partners LLC raised its position in shares of Otis Worldwide by 1.4% during the 4th quarter. Cerity Partners LLC now owns 49,446 shares of the company's stock valued at $4,715,000 after buying an additional 673 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter valued at about $10,409,000. Raymond James Financial Inc. purchased a new stake in shares of Otis Worldwide during the 4th quarter valued at about $24,451,000. Sterling Capital Management LLC raised its position in shares of Otis Worldwide by 51.3% during the 4th quarter. Sterling Capital Management LLC now owns 24,286 shares of the company's stock valued at $2,249,000 after buying an additional 8,230 shares in the last quarter. Finally, Qtron Investments LLC raised its position in shares of Otis Worldwide by 26.8% during the 4th quarter. Qtron Investments LLC now owns 5,680 shares of the company's stock valued at $526,000 after buying an additional 1,202 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $87.44 on Monday. The company has a market cap of $34.32 billion, a P/E ratio of 23.13, a price-to-earnings-growth ratio of 4.20 and a beta of 0.95. The firm has a 50-day simple moving average of $94.92 and a two-hundred day simple moving average of $96.83. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its 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 net margin of 10.68% and a negative return on equity of 30.95%. The business had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter in the previous year, the company earned $1.06 earnings per share. The company's quarterly revenue was down .2% on a year-over-year basis. Equities research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, August 15th. Otis Worldwide's payout ratio is presently 44.44%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on OTIS. Deutsche Bank Aktiengesellschaft began coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They issued a "hold" rating and a $109.00 price objective on the stock. Morgan Stanley increased their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Barclays reduced their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Thursday, July 24th. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 24th. Finally, Royal Bank Of Canada reduced their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research report on Monday, July 28th. One research 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, the stock currently has a consensus rating of "Hold" and an average price target 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.

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