New York State Common Retirement Fund Cuts Stock Holdings in Otis Worldwide Corporation (NYSE:OTIS)

New York State Common Retirement Fund lowered its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 27.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 237,908 shares of the company's stock after selling 89,900 shares during the period. New York State Common Retirement Fund owned approximately 0.06% of Otis Worldwide worth $24,552,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Transce3nd LLC purchased a new position in Otis Worldwide during the fourth quarter worth approximately $25,000. NBC Securities Inc. purchased a new position in Otis Worldwide during the first quarter worth approximately $25,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Otis Worldwide in the 4th quarter valued at $28,000. Wayfinding Financial LLC purchased a new position in shares of Otis Worldwide in the 1st quarter valued at $31,000. Finally, Flagship Wealth Advisors LLC purchased a new position in shares of Otis Worldwide in the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of research reports. Barclays raised their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an "underweight" rating in a research note on Wednesday, July 9th. Royal Bank Of Canada cut their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. Wells Fargo & Company raised their target price on shares of Otis Worldwide from $95.00 to $100.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 1st. Morgan Stanley raised their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Finally, JPMorgan Chase & Co. raised shares of Otis Worldwide from a "neutral" rating to an "overweight" rating and raised their target price for the company from $101.00 to $109.00 in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of "Hold" and an average target price of $104.63.

Otis Worldwide Trading Down 0.7%

OTIS opened at $99.36 on Wednesday. The company has a fifty day simple moving average of $97.20 and a 200 day simple moving average of $97.08. The firm has a market cap of $39.22 billion, a price-to-earnings ratio of 26.08 and a beta of 0.98. 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 released its quarterly earnings results 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 business had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The business's revenue was down 2.5% on a year-over-year basis. During the same period last year, the business earned $0.88 EPS. On average, analysts forecast 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. Shareholders of record on Friday, May 16th were issued a dividend of $0.42 per share. 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 dividend payout ratio (DPR) is currently 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.

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