New York State Teachers Retirement System Sells 15,330 Shares of Otis Worldwide Corporation (NYSE:OTIS)

New York State Teachers Retirement System lowered its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 5.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 288,973 shares of the company's stock after selling 15,330 shares during the quarter. New York State Teachers Retirement System owned approximately 0.07% of Otis Worldwide worth $29,822,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in shares of Otis Worldwide by 26.5% during the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after acquiring an additional 7,447,860 shares during the period. Norges Bank purchased a new position in Otis Worldwide in the fourth quarter valued at approximately $649,883,000. GAMMA Investing LLC grew its holdings in Otis Worldwide by 12,162.8% during the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock valued at $84,701,000 after purchasing an additional 814,057 shares during the period. BNP Paribas Financial Markets bought a new position in Otis Worldwide during the fourth quarter valued at $66,962,000. Finally, Northern Trust Corp increased its position in Otis Worldwide by 12.3% in the fourth quarter. Northern Trust Corp now owns 4,577,626 shares of the company's stock worth $423,934,000 after buying an additional 501,016 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

OTIS stock traded down $0.65 during mid-day trading on Wednesday, reaching $99.78. 1,709,168 shares of the company traded hands, compared to its average volume of 2,328,513. The company has a fifty day moving average price of $96.28 and a 200-day moving average price of $96.71. Otis Worldwide Corporation has a 52-week low of $89.70 and a 52-week high of $106.83. The company has a market capitalization of $39.38 billion, a P/E ratio of 26.19 and a beta of 0.98.

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

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were issued a $0.42 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.68 annualized dividend and a dividend yield of 1.68%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio is presently 44.09%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. upped their price target on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Wells Fargo & Company upped their price objective on shares of Otis Worldwide from $95.00 to $100.00 and gave the company an "equal weight" rating in a report on Tuesday. Barclays cut their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Friday, April 25th. 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 research report on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus 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.