Fiera Capital Corp Trims Position in Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• Fiera Capital Corp has reduced its holdings in Otis Worldwide by 18.2%, selling 1,202,456 shares and owning approximately 5.39 million shares, which reflects about 2.0% of its portfolio.
• Although Otis Worldwide reported earnings per share of $1.05, surpassing estimates by $0.02, revenue of $3.60 billion fell short of projections.
• The company declared a quarterly dividend of $0.42 per share, with a payout ratio of 44.44% and an annual yield of 1.91%.

Fiera Capital Corp lessened its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 18.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,394,299 shares of the company's stock after selling 1,202,456 shares during the quarter. Otis Worldwide comprises 2.0% of Fiera Capital Corp's portfolio, making the stock its 12th largest position. Fiera Capital Corp owned approximately 1.37% of Otis Worldwide worth $556,692,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of OTIS. GAMMA Investing LLC grew its holdings in Otis Worldwide by 12,162.8% in the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock worth $84,701,000 after purchasing an additional 814,057 shares during the period. BNP Paribas Financial Markets bought a new position in shares of Otis Worldwide in the fourth quarter worth approximately $66,962,000. Northern Trust Corp lifted its stake 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 worth $423,934,000 after buying an additional 501,016 shares in the last quarter. Canoe Financial LP lifted its stake in shares of Otis Worldwide by 45.5% in the first quarter. Canoe Financial LP now owns 1,503,369 shares of the company's stock worth $155,148,000 after buying an additional 469,946 shares in the last quarter. Finally, Franklin Resources Inc. lifted its stake in shares of Otis Worldwide by 5.9% in the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock worth $720,980,000 after buying an additional 435,372 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Down 1.2%

OTIS traded down $1.01 during trading on Friday, hitting $84.68. The company's stock had a trading volume of 2,131,258 shares, compared to its average volume of 2,668,690. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The firm has a market cap of $33.24 billion, a PE ratio of 22.43, a P/E/G ratio of 4.15 and a beta of 0.98. The business's 50 day simple moving average is $96.08 and its 200-day simple moving average is $97.12.

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 for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $3.73 billion. During the same period last year, the firm earned $1.06 earnings per share. The company's quarterly revenue was down .2% on a year-over-year basis. Equities research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be paid 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 dividend yield of 2.0%. Otis Worldwide's dividend payout ratio is 44.44%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on OTIS shares. Royal Bank Of Canada dropped their target price 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. 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 target price on the stock. Barclays dropped their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" 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 report on Friday, July 25th. Finally, Morgan Stanley increased their price objective 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. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide currently has an average 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.