Otis Worldwide Corporation (NYSE:OTIS) Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. has reduced its stake in Otis Worldwide Corporation by 27.0%, selling 17,098 shares, and now owns 46,230 shares worth approximately $4.77 million.
• Otis Worldwide reported $1.05 earnings per share in its most recent quarter, exceeding analysts' estimates by $0.02, despite a slight year-over-year revenue decline.
• The company has announced a quarterly dividend of $0.42 per share, translating to an annualized dividend yield of 1.92%, with a payout ratio of 44.44%.

Pacer Advisors Inc. cut its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 27.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 46,230 shares of the company's stock after selling 17,098 shares during the quarter. Pacer Advisors Inc.'s holdings in Otis Worldwide were worth $4,771,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. LPL Financial LLC lifted its stake in Otis Worldwide by 20.7% in the 4th quarter. LPL Financial LLC now owns 210,063 shares of the company's stock valued at $19,454,000 after buying an additional 36,032 shares in the last quarter. Loomis Sayles & Co. L P acquired a new stake in Otis Worldwide in the 4th quarter valued at $55,000. New Age Alpha Advisors LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter valued at approximately $213,000. Allstate Corp acquired a new position in shares of Otis Worldwide in the fourth quarter worth about $1,142,000. Finally, O Shaughnessy Asset Management LLC boosted its stake in Otis Worldwide by 9.1% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 38,005 shares of the company's stock valued at $3,520,000 after acquiring an additional 3,155 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock traded down $1.22 during trading on Friday, hitting $84.47. 1,593,968 shares of the stock were exchanged, compared to its average volume of 2,664,847. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The stock's fifty day moving average is $96.08 and its 200 day moving average is $97.12. The stock has a market cap of $33.15 billion, a PE ratio of 22.35, a P/E/G ratio of 4.15 and a beta of 0.98.

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

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, August 15th. Otis Worldwide's dividend payout ratio (DPR) is currently 44.44%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on OTIS. JPMorgan Chase & Co. lowered 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. Wolfe Research raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Barclays dropped their target price on shares of 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 price target on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research report on Monday. Finally, Morgan Stanley lifted their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target 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.