PNC Financial Services Group Inc. cut its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 2.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 412,366 shares of the company's stock after selling 9,181 shares during the quarter. PNC Financial Services Group Inc. owned 0.10% of Otis Worldwide worth $42,556,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. NBC Securities Inc. acquired a new stake in shares of Otis Worldwide in the first quarter worth $25,000. Transce3nd LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Otis Worldwide in the fourth quarter worth $28,000. Wayfinding Financial LLC acquired a new stake in shares of Otis Worldwide in the first quarter worth $31,000. Finally, Orion Capital Management LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter worth $35,000. Institutional investors and hedge funds own 88.03% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on the company. Barclays decreased their target price 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. Royal Bank Of Canada reduced their price objective on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, July 28th. Morgan Stanley lifted their price objective on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Wells Fargo & Company reduced their price objective on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research report on Thursday, July 24th. Finally, Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $102.50.
Check Out Our Latest Analysis on Otis Worldwide
Otis Worldwide Price Performance
OTIS stock traded up $0.44 during trading hours on Monday, reaching $85.37. 3,632,597 shares of the stock were exchanged, compared to its average volume of 3,302,075. The firm's 50-day moving average is $95.61 and its 200-day moving average is $97.07. The company has a market cap of $33.50 billion, a price-to-earnings ratio of 22.58, a PEG ratio of 4.08 and a beta of 0.95. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83.
Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping 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 company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same period in the prior year, the business posted $1.06 EPS. The company's quarterly revenue was down .2% on a year-over-year basis. As a group, equities research analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.
Otis Worldwide Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be paid 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 44.44%.
Otis Worldwide Company Profile
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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.
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