QRG Capital Management Inc. Decreases Holdings in Otis Worldwide Corporation (NYSE:OTIS)

QRG Capital Management Inc. lessened its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 6.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 41,104 shares of the company's stock after selling 2,973 shares during the period. QRG Capital Management Inc.'s holdings in Otis Worldwide were worth $4,242,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Coldstream Capital Management Inc. increased its stake in shares of Otis Worldwide by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock worth $249,000 after purchasing an additional 109 shares in the last quarter. Montis Financial LLC increased its stake in shares of Otis Worldwide by 5.2% in the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company's stock worth $205,000 after purchasing an additional 110 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Otis Worldwide by 15.3% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company's stock worth $85,000 after purchasing an additional 110 shares in the last quarter. AlTi Global Inc. increased its stake in shares of Otis Worldwide by 4.9% in the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company's stock worth $223,000 after purchasing an additional 113 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC increased its stake in shares of Otis Worldwide by 1.7% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company's stock worth $643,000 after purchasing an additional 114 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on OTIS shares. Barclays reduced 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. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, April 24th. JPMorgan Chase & Co. raised their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Finally, Royal Bank Of Canada cut their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, Otis Worldwide has a consensus rating of "Hold" and a consensus price target of $100.71.

Otis Worldwide Trading Up 0.3%

OTIS stock opened at $95.64 on Thursday. The firm has a 50 day moving average of $96.36 and a 200-day moving average of $96.90. Otis Worldwide Corporation has a 12 month low of $89.70 and a 12 month high of $106.83. The firm has a market capitalization of $37.75 billion, a P/E ratio of 25.10 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.01. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The business had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same period in the previous year, the business posted $0.88 earnings per share. Otis Worldwide's revenue for the quarter was down 2.5% on a year-over-year basis. Sell-side analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were given a dividend of $0.42 per share. The ex-dividend date was Friday, May 16th. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.76%. Otis Worldwide's payout ratio is presently 44.09%.

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.

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