Otis Worldwide Corporation (NYSE:OTIS) Shares Sold by Equitable Trust Co.

Key Points

• Equitable Trust Co. reduced its holdings in Otis Worldwide Corporation by 8.5% during the first quarter, bringing its total shares to 182,782, valued at approximately $18.86 million.
• Analysts have mixed views on Otis Worldwide with the stock receiving ratings ranging from sell to buy, and the consensus price target is set at $102.50.
• Otis Worldwide reported earnings of $1.05 per share, exceeding analyst expectations, although its revenue of $3.60 billion fell short of the forecast of $3.73 billion.

Equitable Trust Co. lessened its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 8.5% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 182,782 shares of the company's stock after selling 16,871 shares during the quarter. Otis Worldwide comprises about 1.0% of Equitable Trust Co.'s holdings, making the stock its 21st biggest holding. Equitable Trust Co.'s holdings in Otis Worldwide were worth $18,863,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. JPMorgan Chase & Co. raised its holdings in Otis Worldwide by 26.5% in the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after acquiring an additional 7,447,860 shares in the last quarter. Geode Capital Management LLC increased its stake in Otis Worldwide by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock valued at $1,031,787,000 after purchasing an additional 95,035 shares during the last quarter. Franklin Resources Inc. increased its stake in Otis Worldwide by 5.9% in the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock valued at $720,980,000 after purchasing an additional 435,372 shares during the last quarter. Norges Bank purchased a new position in Otis Worldwide in the fourth quarter valued at approximately $649,883,000. Finally, Grantham Mayo Van Otterloo & Co. LLC increased its stake in Otis Worldwide by 1.2% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 5,159,105 shares of the company's stock valued at $477,785,000 after purchasing an additional 60,564 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Price Performance

Shares of OTIS traded down $0.45 during mid-day trading on Tuesday, reaching $87.45. 1,353,150 shares of the company's stock were exchanged, compared to its average volume of 2,643,398. The stock has a market capitalization of $34.51 billion, a PE ratio of 23.14, a price-to-earnings-growth ratio of 4.30 and a beta of 0.98. The business's fifty day simple moving average is $96.75 and its 200-day simple moving average is $97.31. Otis Worldwide Corporation has a 52-week low of $86.00 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, beating 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 firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same period last year, the firm posted $1.06 EPS. Otis Worldwide's quarterly revenue was down .2% on a year-over-year basis. Equities research analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be given a $0.42 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a yield of 1.92%. Otis Worldwide's dividend payout ratio (DPR) is 44.44%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several recent analyst reports. Wells Fargo & Company dropped their price target on shares of 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. dropped their price target on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday. Royal Bank Of Canada dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday. Finally, Morgan Stanley raised their target price 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. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Otis Worldwide currently has a consensus rating of "Hold" and an average 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.