Empirical Financial Services LLC d.b.a. Empirical Wealth Management Decreases Stake in Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• Empirical Wealth Management significantly reduced its stake in Otis Worldwide Corporation by 86.2%, selling over 20,000 shares and now holding just 3,348 shares valued at approximately $345,000.
• Several institutional investors have made significant moves regarding Otis Worldwide, with GAMMA Investing LLC increasing its position by over 12,000% during the first quarter, now owning 820,750 shares.
• Otis Worldwide plans to pay a quarterly dividend of $0.42 on September 5th, representing an annualized dividend of $1.68 and a yield of 2.0%.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management cut its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 86.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,348 shares of the company's stock after selling 20,932 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Otis Worldwide were worth $345,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OTIS. GAMMA Investing LLC grew its position in Otis Worldwide by 12,162.8% during the 1st 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 last quarter. BNP Paribas Financial Markets purchased a new stake in shares of Otis Worldwide during the 4th quarter valued at about $66,962,000. Northern Trust Corp boosted its holdings in shares of Otis Worldwide by 12.3% during the 4th quarter. Northern Trust Corp now owns 4,577,626 shares of the company's stock valued at $423,934,000 after acquiring an additional 501,016 shares during the last quarter. Canoe Financial LP boosted its holdings in shares of Otis Worldwide by 45.5% during the 1st quarter. Canoe Financial LP now owns 1,503,369 shares of the company's stock valued at $155,148,000 after acquiring an additional 469,946 shares during the last quarter. Finally, Twinbeech Capital LP purchased a new stake in shares of Otis Worldwide during the 4th quarter valued at about $39,288,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Trading Up 0.5%

Otis Worldwide stock traded up $0.44 during mid-day trading on Monday, hitting $85.37. The company had a trading volume of 3,632,597 shares, compared to its average volume of 3,302,075. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The company's fifty day moving average is $95.61 and its 200-day moving average is $97.07. The company has a market capitalization of $33.50 billion, a price-to-earnings ratio of 22.58, a P/E/G ratio of 4.08 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, beating analysts' consensus estimates of $1.03 by $0.02. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. The firm's revenue for the quarter was down .2% on a year-over-year basis. During the same quarter last year, the firm posted $1.06 EPS. As a group, sell-side analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be issued a $0.42 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a yield of 2.0%. Otis Worldwide's dividend payout ratio (DPR) is presently 44.44%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on OTIS. JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 price target on the stock. Barclays lowered 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 note on Thursday, July 24th. Morgan Stanley increased their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Finally, Royal Bank Of Canada lowered their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, July 28th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide has an average rating of "Hold" and a consensus target price of $102.50.

Otis Worldwide 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.