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HighTower Advisors LLC Lowers Holdings in Otis Worldwide Corporation (NYSE:OTIS)

Otis Worldwide logo with Industrials background

Key Points

  • HighTower Advisors LLC reduced its stake in Otis Worldwide Corporation by 3.7%, now holding 804,110 shares valued at approximately $82.98 million.
  • Multiple brokerages have lowered their price targets for Otis Worldwide, with JPMorgan Chase reducing it from $109.00 to $101.00 and Wells Fargo from $100.00 to $93.00, indicating a mixed outlook among analysts.
  • Otis Worldwide declared a quarterly dividend of $0.42 per share, with a dividend yield of 1.9% and a payout ratio of 44.44%.
  • Want stock alerts on Otis Worldwide? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

HighTower Advisors LLC trimmed its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 3.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 804,110 shares of the company's stock after selling 30,519 shares during the quarter. HighTower Advisors LLC owned 0.20% of Otis Worldwide worth $82,984,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. Public Sector Pension Investment Board raised its holdings in Otis Worldwide by 7.5% in the 1st quarter. Public Sector Pension Investment Board now owns 53,567 shares of the company's stock worth $5,528,000 after purchasing an additional 3,718 shares during the period. Independent Advisor Alliance raised its holdings in Otis Worldwide by 19.0% during the first quarter. Independent Advisor Alliance now owns 4,956 shares of the company's stock valued at $511,000 after acquiring an additional 793 shares during the period. Nuveen LLC bought a new stake in Otis Worldwide during the first quarter valued at about $91,989,000. Cooper Financial Group raised its holdings in Otis Worldwide by 10.1% during the first quarter. Cooper Financial Group now owns 7,279 shares of the company's stock valued at $751,000 after acquiring an additional 666 shares during the period. Finally, Invesco Ltd. raised its holdings in Otis Worldwide by 4.7% during the first quarter. Invesco Ltd. now owns 4,238,600 shares of the company's stock valued at $437,424,000 after acquiring an additional 190,397 shares during the period. 88.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have commented on OTIS. JPMorgan Chase & Co. decreased their price target on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Barclays reduced their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Thursday, July 24th. Royal Bank Of Canada reduced their target price on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, July 28th. Deutsche Bank Aktiengesellschaft assumed coverage on Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 target price on the stock. Finally, Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of "Hold" and an average target price of $102.50.

Get Our Latest Analysis on OTIS

Otis Worldwide Price Performance

Shares of NYSE:OTIS traded down $1.60 during trading hours on Thursday, hitting $87.63. 2,524,005 shares of the company's stock traded hands, compared to its average volume of 4,212,733. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The business has a fifty day moving average price of $94.34 and a 200-day moving average price of $96.58. The firm has a market capitalization of $34.39 billion, a P/E ratio of 23.18, a price-to-earnings-growth ratio of 4.29 and a beta of 0.95.

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

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, August 15th. Otis Worldwide's payout ratio is 44.44%.

Otis Worldwide Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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