Los Angeles Capital Management LLC Cuts Stock Position in Otis Worldwide Corporation (NYSE:OTIS)

Los Angeles Capital Management LLC lessened its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 12.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 364,856 shares of the company's stock after selling 50,282 shares during the quarter. Los Angeles Capital Management LLC owned about 0.09% of Otis Worldwide worth $37,653,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in OTIS. Teachers Retirement System of The State of Kentucky lifted its holdings in Otis Worldwide by 3.9% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 30,850 shares of the company's stock valued at $3,184,000 after purchasing an additional 1,171 shares in the last quarter. J.W. Cole Advisors Inc. raised its stake in Otis Worldwide by 112.4% during the first quarter. J.W. Cole Advisors Inc. now owns 15,302 shares of the company's stock valued at $1,579,000 after purchasing an additional 8,097 shares in the last quarter. IFP Advisors Inc raised its stake in Otis Worldwide by 559.8% during the first quarter. IFP Advisors Inc now owns 11,058 shares of the company's stock valued at $1,141,000 after purchasing an additional 9,382 shares in the last quarter. AustralianSuper Pty Ltd bought a new position in Otis Worldwide during the first quarter valued at $900,000. Finally, Pavion Blue Capital LLC bought a new position in Otis Worldwide during the first quarter valued at $222,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Morgan Stanley upped their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 price target on the stock. Wells Fargo & Company upped 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. Barclays upped their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an "underweight" rating in a report on Wednesday, July 9th. Finally, JPMorgan Chase & Co. upgraded shares of Otis Worldwide from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $101.00 to $109.00 in a report on Tuesday, July 15th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, Otis Worldwide has a consensus rating of "Hold" and an average price target of $104.63.

Otis Worldwide Price Performance

NYSE:OTIS traded down $1.69 during midday trading on Friday, hitting $99.38. The company's stock had a trading volume of 2,211,342 shares, compared to its average volume of 2,315,654. Otis Worldwide Corporation has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The firm's 50 day moving average is $97.38 and its 200-day moving average is $97.24. The firm has a market cap of $39.22 billion, a P/E ratio of 26.08, a P/E/G ratio of 2.68 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced 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. The company had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The firm's revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.88 EPS. As a group, analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current 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 issued a $0.42 dividend. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide's payout ratio is 44.09%.

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.