Park Avenue Securities LLC Lowers Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Park Avenue Securities LLC trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 39.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,772 shares of the company's stock after selling 9,096 shares during the quarter. Park Avenue Securities LLC's holdings in Otis Worldwide were worth $1,421,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. PineStone Asset Management Inc. lifted its position in shares of Otis Worldwide by 4.2% in the 4th quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company's stock worth $278,054,000 after acquiring an additional 121,322 shares during the period. SVB Wealth LLC bought a new position in Otis Worldwide in the 4th quarter worth approximately $337,000. Clarkston Capital Partners LLC acquired a new position in shares of Otis Worldwide during the fourth quarter valued at $8,743,000. Charles Schwab Investment Management Inc. lifted its position in Otis Worldwide by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company's stock valued at $213,418,000 after purchasing an additional 67,937 shares during the period. Finally, Proficio Capital Partners LLC bought a new position in Otis Worldwide in the fourth quarter valued at approximately $193,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Performance

NYSE:OTIS traded up $1.45 during trading hours on Thursday, reaching $96.85. The company's stock had a trading volume of 2,405,966 shares, compared to its average volume of 2,315,608. The firm has a market capitalization of $38.22 billion, a price-to-earnings ratio of 23.85 and a beta of 0.98. Otis Worldwide Co. has a 1 year low of $89.70 and a 1 year high of $106.83. The firm has a 50-day simple moving average of $96.01 and a 200-day simple moving average of $97.12.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The firm had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the prior year, the firm posted $0.88 earnings per share. The business's quarterly revenue was down 2.5% compared to the same quarter last year. Equities analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were issued a dividend of $0.42 per share. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide's dividend payout ratio is currently 44.09%.

Analyst Ratings Changes

OTIS has been the subject of a number of analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Wells Fargo & Company lowered their price target on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 24th. 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 note on Friday, April 25th. Finally, Royal Bank of Canada decreased their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $100.71.

About Otis Worldwide

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.