SG Americas Securities LLC Sells 6,938 Shares of Otis Worldwide Co. (NYSE:OTIS)

SG Americas Securities LLC lowered its stake in Otis Worldwide Co. (NYSE:OTISGet Rating) by 39.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,509 shares of the company’s stock after selling 6,938 shares during the quarter. SG Americas Securities LLC’s holdings in Otis Worldwide were worth $809,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in OTIS. Laird Norton Trust Company LLC bought a new stake in Otis Worldwide during the 4th quarter valued at approximately $245,000. Cartenna Capital LP bought a new stake in Otis Worldwide during the 4th quarter valued at approximately $10,884,000. Harel Insurance Investments & Financial Services Ltd. raised its stake in Otis Worldwide by 580.6% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,486 shares of the company’s stock valued at $559,000 after purchasing an additional 5,533 shares during the period. Nuveen Asset Management LLC grew its holdings in Otis Worldwide by 1.0% during the 4th quarter. Nuveen Asset Management LLC now owns 1,818,967 shares of the company’s stock valued at $158,377,000 after buying an additional 18,497 shares in the last quarter. Finally, New York State Teachers Retirement System grew its holdings in Otis Worldwide by 4.0% during the 1st quarter. New York State Teachers Retirement System now owns 486,461 shares of the company’s stock valued at $37,433,000 after buying an additional 18,712 shares in the last quarter. Institutional investors own 83.32% of the company’s stock.

Insider Transactions at Otis Worldwide

In related news, EVP Nora E. Lafreniere sold 13,576 shares of the business’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $76.54, for a total transaction of $1,039,107.04. Following the transaction, the executive vice president now directly owns 12,376 shares in the company, valued at approximately $947,259.04. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.11% of the company’s stock.

Otis Worldwide Stock Up 0.1 %

OTIS opened at $78.28 on Tuesday. The business has a fifty day moving average of $72.18 and a 200 day moving average of $75.43. Otis Worldwide Co. has a 52-week low of $66.97 and a 52-week high of $92.84. The stock has a market cap of $33.10 billion, a P/E ratio of 26.90 and a beta of 0.88.

Otis Worldwide (NYSE:OTISGet Rating) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.08. Otis Worldwide had a negative return on equity of 32.91% and a net margin of 8.83%. The company had revenue of $3.49 billion during the quarter, compared to analysts’ expectations of $3.56 billion. During the same quarter in the previous year, the business earned $0.79 EPS. Otis Worldwide’s revenue was down 5.8% compared to the same quarter last year. Equities analysts anticipate that Otis Worldwide Co. will post 3.2 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, September 10th. Shareholders of record on Friday, August 19th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date of this dividend is Thursday, August 18th. Otis Worldwide’s dividend payout ratio (DPR) is presently 39.86%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on OTIS shares. BNP Paribas cut Otis Worldwide from an “outperform” rating to a “neutral” rating and cut their price target for the company from $95.00 to $80.00 in a report on Tuesday, July 5th. Credit Suisse Group raised their price target on Otis Worldwide from $79.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, July 28th. Cowen cut their price target on Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating for the company in a report on Tuesday, April 26th. Barclays cut their price target on Otis Worldwide from $82.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, July 8th. Finally, JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and cut their price target for the company from $100.00 to $62.00 in a report on Thursday, July 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus price target of $77.40.

About Otis Worldwide

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Otis Worldwide Corporation manufactures, installs, and services 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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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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