Federated Hermes Inc. Sells 180,616 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• Federated Hermes Inc. has reduced its stock position in Otis Worldwide Corporation by 59.6%, now holding 122,423 shares valued at $12.63 million after selling 180,616 shares.
• Otis Worldwide announced a quarterly dividend of $0.42 payable on September 5th, representing an annualized dividend yield of 2.0%.
• Recent analyst ratings on Otis Worldwide suggest mixed sentiment, with target prices ranging from $90.00 to $109.00 and an average rating of "Hold."

Federated Hermes Inc. decreased its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 59.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 122,423 shares of the company's stock after selling 180,616 shares during the period. Federated Hermes Inc.'s holdings in Otis Worldwide were worth $12,634,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in OTIS. GAMMA Investing LLC boosted its stake in Otis Worldwide by 12,162.8% in the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock valued at $84,701,000 after buying an additional 814,057 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Otis Worldwide during the fourth quarter valued at about $66,962,000. Northern Trust Corp boosted its stake in shares of Otis Worldwide by 12.3% during the fourth quarter. Northern Trust Corp now owns 4,577,626 shares of the company's stock valued at $423,934,000 after purchasing an additional 501,016 shares in the last quarter. Canoe Financial LP boosted its stake in shares of Otis Worldwide by 45.5% during the first quarter. Canoe Financial LP now owns 1,503,369 shares of the company's stock valued at $155,148,000 after purchasing an additional 469,946 shares in the last quarter. Finally, Twinbeech Capital LP acquired a new stake in shares of Otis Worldwide during the fourth quarter valued at about $39,288,000. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

NYSE OTIS traded up $0.44 during trading on Monday, reaching $85.37. The company's stock had a trading volume of 3,632,597 shares, compared to its average volume of 3,302,075. The stock has a market capitalization of $33.50 billion, a PE ratio of 22.00, a P/E/G ratio of 4.08 and a beta of 0.95. The firm has a fifty day moving average of $95.84 and a 200 day moving average of $97.14. 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 announced its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts' consensus estimates of $1.03 by $0.02. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the company earned $1.06 EPS. Research 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 announced a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be issued a dividend of $0.42 per share. 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 is currently 44.44%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Otis Worldwide in a research note on Monday, July 14th. They set a "hold" rating and a $109.00 price target on the stock. JPMorgan Chase & Co. cut their price target 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. Royal Bank Of Canada cut their price objective on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, July 28th. Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Finally, Wells Fargo & Company cut their price objective 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. One equities 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 stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price 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.