Gulf International Bank UK Ltd Sells 5,747 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Gulf International Bank UK Ltd reduced its stake in Otis Worldwide Corporation by 19.5%, selling 5,747 shares, resulting in total holdings valued at $2.4 million.
• Otis Worldwide reported earnings of $1.05 per share for its last quarter, slightly above the expected $1.03, but experienced a 0.2% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.42 per share, with a payout ratio of 44.44%, reflecting a 1.9% dividend yield for investors.

Gulf International Bank UK Ltd lessened its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 19.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,737 shares of the company's stock after selling 5,747 shares during the quarter. Gulf International Bank UK Ltd's holdings in Otis Worldwide were worth $2,449,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. NBC Securities Inc. acquired a new stake in Otis Worldwide in the 1st quarter valued at about $25,000. Transce3nd LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter worth about $25,000. Wayfinding Financial LLC acquired a new stake in shares of Otis Worldwide during the 1st quarter worth about $31,000. Cheviot Value Management LLC acquired a new stake in shares of Otis Worldwide during the 1st quarter worth about $31,000. Finally, Orion Capital Management LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter worth about $35,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Wells Fargo & Company cut 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 report on Thursday, July 24th. JPMorgan Chase & Co. dropped their price objective 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. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They set a "hold" rating and a $109.00 price target for the company. Finally, Royal Bank Of Canada decreased their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, July 28th. 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 company. According to MarketBeat.com, Otis Worldwide currently has an average rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide Trading Up 0.2%

Shares of OTIS traded up $0.18 during trading hours on Monday, hitting $87.61. 1,729,355 shares of the stock traded hands, compared to its average volume of 2,747,962. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The business has a fifty day moving average of $94.17 and a 200-day moving average of $96.54. The firm has a market capitalization of $34.39 billion, a PE ratio of 23.18, a price-to-earnings-growth ratio of 4.21 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.02. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same quarter in the prior year, the firm posted $1.06 earnings per share. The company's quarterly revenue was down .2% on a year-over-year basis. As a group, equities research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced 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 of this dividend is Friday, August 15th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide's dividend payout ratio is presently 44.44%.

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.