Otis Worldwide Corporation (NYSE:OTIS) Shares Sold by Swiss National Bank

Key Points

• Swiss National Bank reduced its stake in Otis Worldwide Corporation by 0.4%, holding approximately 1.12 million shares valued at $116 million.
• Several brokerages have recently adjusted their price targets for Otis Worldwide, with prices ranging from $90 to $105, and the stock currently holds a consensus rating of "Hold."
• Otis Worldwide declared a quarterly dividend of $0.42 expected to be paid on September 5, representing a 1.9% annualized dividend yield.

Swiss National Bank reduced its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 0.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,126,543 shares of the company's stock after selling 5,000 shares during the quarter. Swiss National Bank owned about 0.29% of Otis Worldwide worth $116,259,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Transce3nd LLC acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $25,000. NBC Securities Inc. acquired a new stake in shares of Otis Worldwide during the first quarter worth $25,000. Wayfinding Financial LLC acquired a new stake in shares of Otis Worldwide during the first quarter worth $31,000. Cheviot Value Management LLC acquired a new stake in shares of Otis Worldwide during the first quarter worth $31,000. Finally, Orion Capital Management LLC acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $35,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on OTIS. Wells Fargo & Company decreased their price target on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a report on Thursday, July 24th. Morgan Stanley increased their price target on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. decreased their price target on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Royal Bank Of Canada decreased their price target on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, July 28th. Finally, Barclays cut their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Thursday, July 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $102.50.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $87.44 on Friday. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The stock has a market capitalization of $34.32 billion, a price-to-earnings ratio of 23.13, a PEG ratio of 4.20 and a beta of 0.95. The stock has a fifty day moving average price of $94.92 and a two-hundred day moving average price of $96.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results 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. 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 analysts' expectations of $3.73 billion. During the same quarter last year, the business posted $1.06 earnings per share. The business's revenue for the quarter was down .2% on a year-over-year basis. On average, analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be given a $0.42 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. Otis Worldwide's dividend payout ratio (DPR) is currently 44.44%.

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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