Impax Asset Management Group plc Sells 9,942 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Impax Asset Management Group plc trimmed its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 9.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 96,827 shares of the company's stock after selling 9,942 shares during the period. Impax Asset Management Group plc's holdings in Otis Worldwide were worth $9,993,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Otis Worldwide by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock worth $4,167,806,000 after buying an additional 149,123 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Otis Worldwide by 26.5% during the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock worth $3,289,868,000 after acquiring an additional 7,447,860 shares during the period. Geode Capital Management LLC lifted its holdings in Otis Worldwide by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock worth $1,031,787,000 after acquiring an additional 95,035 shares during the period. Franklin Resources Inc. raised its stake in shares of Otis Worldwide by 5.9% during the 4th quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock worth $720,980,000 after purchasing an additional 435,372 shares during the period. Finally, Norges Bank bought a new stake in shares of Otis Worldwide during the 4th quarter worth $649,883,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Trading Down 0.3%

Shares of NYSE OTIS traded down $0.29 during midday trading on Friday, hitting $99.51. The company's stock had a trading volume of 1,052,322 shares, compared to its average volume of 2,332,362. The stock has a fifty day moving average price of $96.70 and a 200 day moving average price of $96.79. Otis Worldwide Corporation has a one year low of $89.70 and a one year high of $106.83. The firm has a market capitalization of $39.27 billion, a price-to-earnings ratio of 26.12 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The business had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. During the same quarter in the previous year, the firm posted $0.88 EPS. The business's revenue for the quarter was down 2.5% compared to the same quarter last year. On average, equities research analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.69%. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide's payout ratio is presently 44.09%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on OTIS. Barclays lowered their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. JPMorgan Chase & Co. lifted their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Wells Fargo & Company lifted their price target on shares of Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Finally, Royal Bank Of Canada lowered their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued 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 target price of $101.43.

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.