Otis Worldwide Corporation (NYSE:OTIS) Stock Holdings Lessened by KBC Group NV

KBC Group NV trimmed its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 6.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 285,628 shares of the company's stock after selling 18,795 shares during the quarter. KBC Group NV owned approximately 0.07% of Otis Worldwide worth $29,476,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Transce3nd LLC acquired a new position in Otis Worldwide during the fourth quarter worth $25,000. NBC Securities Inc. bought a new position in shares of Otis Worldwide during the first quarter valued at $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $28,000. Flagship Wealth Advisors LLC acquired a new stake in Otis Worldwide in the fourth quarter worth $34,000. Finally, Orion Capital Management LLC bought a new position in shares of Otis Worldwide in the fourth quarter valued at $35,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Down 0.3%

Shares of OTIS traded down $0.29 during trading on Friday, reaching $99.51. 1,052,322 shares of the company traded hands, compared to its average volume of 2,329,593. The stock has a market cap of $39.27 billion, a PE ratio of 26.12 and a beta of 0.98. The stock has a 50-day simple moving average of $96.56 and a 200-day simple moving average of $96.75. Otis Worldwide Corporation has a twelve month low of $89.70 and a twelve month high of $106.83.

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

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were issued 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 an increase from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide's dividend payout ratio is presently 44.09%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Royal Bank Of Canada dropped their price objective 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. Barclays reduced their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. JPMorgan Chase & Co. upped their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Finally, Wells Fargo & Company raised their price target on shares of Otis Worldwide from $95.00 to $100.00 and gave the company an "equal weight" rating in a report on Tuesday. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $101.43.

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.