US Bancorp DE lessened its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 8.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 189,911 shares of the company's stock after selling 16,742 shares during the quarter. US Bancorp DE's holdings in Otis Worldwide were worth $19,599,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Simon Quick Advisors LLC bought a new position in Otis Worldwide in the 1st quarter valued at about $443,000. SG Americas Securities LLC bought a new position in Otis Worldwide in the 1st quarter valued at about $2,533,000. Quintet Private Bank Europe S.A. lifted its position in Otis Worldwide by 3.4% in the 1st quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company's stock valued at $29,921,000 after acquiring an additional 9,467 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in Otis Worldwide by 362.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company's stock valued at $45,294,000 after acquiring an additional 343,987 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC bought a new position in Otis Worldwide in the 1st quarter valued at about $225,000. Institutional investors own 88.03% of the company's stock.
Otis Worldwide Stock Performance
NYSE:OTIS traded up $0.44 on Monday, hitting $85.37. The stock had a trading volume of 3,632,597 shares, compared to its average volume of 3,302,075. The firm's fifty day simple moving average is $95.61 and its two-hundred day simple moving average is $97.07. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The stock has a market cap of $33.50 billion, a P/E ratio of 22.58, a price-to-earnings-growth ratio of 4.08 and a beta of 0.95.
Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.03 by $0.02. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. Otis Worldwide's revenue for the quarter was down .2% on a year-over-year basis. During the same period last year, the firm earned $1.06 EPS. Equities research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.
Otis Worldwide Dividend Announcement
The firm 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. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.68 annualized dividend and a dividend yield of 2.0%. Otis Worldwide's dividend payout ratio (DPR) is presently 44.44%.
Analysts Set New Price Targets
Several brokerages recently weighed in on OTIS. Wolfe Research raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. JPMorgan Chase & Co. decreased their price objective on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Barclays decreased their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Thursday, July 24th. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research note on Thursday, July 24th. Finally, Morgan Stanley increased their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $102.50.
View Our Latest Report on Otis Worldwide
About Otis Worldwide
(
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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