Sawgrass Asset Management LLC Sells 28,869 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Sawgrass Asset Management LLC trimmed its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 35.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,502 shares of the company's stock after selling 28,869 shares during the quarter. Sawgrass Asset Management LLC's holdings in Otis Worldwide were worth $5,418,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of OTIS. Venturi Wealth Management LLC lifted its holdings in shares of Otis Worldwide by 223.0% during the 4th quarter. Venturi Wealth Management LLC now owns 927 shares of the company's stock valued at $86,000 after buying an additional 640 shares during the period. Private Advisor Group LLC lifted its holdings in shares of Otis Worldwide by 2.8% during the 4th quarter. Private Advisor Group LLC now owns 21,404 shares of the company's stock valued at $1,982,000 after buying an additional 591 shares during the period. Wealthspire Advisors LLC lifted its holdings in shares of Otis Worldwide by 8.4% during the 4th quarter. Wealthspire Advisors LLC now owns 2,465 shares of the company's stock valued at $228,000 after buying an additional 190 shares during the period. Howard Capital Management Inc. increased its stake in shares of Otis Worldwide by 5.3% in the 4th quarter. Howard Capital Management Inc. now owns 2,741 shares of the company's stock worth $254,000 after purchasing an additional 139 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of Otis Worldwide by 4.9% in the 4th quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 66,824 shares of the company's stock worth $6,189,000 after purchasing an additional 3,100 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on OTIS. Royal Bank Of Canada reduced their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Wells Fargo & Company reduced their price objective on 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. Barclays reduced their price objective on 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, JPMorgan Chase & Co. upped their price objective on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $100.71.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $94.02 on Monday. Otis Worldwide Corporation has a 52-week low of $89.70 and a 52-week high of $106.83. The firm has a market capitalization of $37.11 billion, a PE ratio of 24.68 and a beta of 0.98. The stock has a fifty day simple moving average of $96.33 and a two-hundred day simple moving average of $96.76.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The business 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 business posted $0.88 EPS. Otis Worldwide's revenue for the quarter was down 2.5% compared to the same quarter last year. On average, sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date of this dividend was Friday, May 16th. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio is presently 44.09%.

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.

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