Proficio Capital Partners LLC Sells 190,459 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Proficio Capital Partners LLC decreased its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 98.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,119 shares of the company's stock after selling 190,459 shares during the period. Proficio Capital Partners LLC's holdings in Otis Worldwide were worth $219,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Transce3nd LLC bought a new stake in Otis Worldwide during the fourth quarter valued at about $25,000. NBC Securities Inc. bought a new stake in Otis Worldwide during the first quarter valued at about $25,000. Aster Capital Management DIFC Ltd bought a new position in shares of Otis Worldwide during the 4th quarter valued at about $28,000. Wayfinding Financial LLC bought a new position in shares of Otis Worldwide during the 1st quarter valued at about $31,000. Finally, Orion Capital Management LLC bought a new position in shares of Otis Worldwide during the 4th quarter valued at about $35,000. Institutional investors own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Wells Fargo & Company cut 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. Barclays reduced their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Thursday. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They set a "hold" rating and a $109.00 target price on the stock. Finally, Morgan Stanley upped their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, Otis Worldwide currently has an average rating of "Hold" and an average target price of $102.50.

Otis Worldwide Stock Performance

OTIS stock traded up $0.57 during mid-day trading on Friday, reaching $89.77. 4,084,243 shares of the stock traded hands, compared to its average volume of 2,628,104. Otis Worldwide Corporation has a one year low of $86.00 and a one year high of $106.83. The stock has a market capitalization of $35.43 billion, a PE ratio of 23.75, a PEG ratio of 2.46 and a beta of 0.98. The business has a 50-day moving average price of $96.96 and a two-hundred day moving average price of $97.29.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share 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 for the quarter, compared to analyst estimates of $3.73 billion. During the same period in the prior year, the company posted $1.06 EPS. The firm's revenue for the quarter was down .2% on a year-over-year basis. On average, equities analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend is Friday, August 15th. 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.