Prospera Financial Services Inc Reduces Position in Otis Worldwide Co. (NYSE:OTIS)

Prospera Financial Services Inc cut its holdings in shares of Otis Worldwide Co. (NYSE:OTISGet Rating) by 5.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,498 shares of the company’s stock after selling 137 shares during the period. Prospera Financial Services Inc’s holdings in Otis Worldwide were worth $192,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of Otis Worldwide by 1.0% in the fourth quarter. BlackRock Inc. now owns 37,081,287 shares of the company’s stock worth $3,228,667,000 after acquiring an additional 372,147 shares during the period. State Street Corp raised its position in shares of Otis Worldwide by 1.8% during the 4th quarter. State Street Corp now owns 16,979,598 shares of the company’s stock worth $1,478,414,000 after purchasing an additional 292,558 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Otis Worldwide by 0.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 10,947,598 shares of the company’s stock worth $953,207,000 after purchasing an additional 51,646 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Otis Worldwide by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 8,773,526 shares of the company’s stock worth $762,582,000 after purchasing an additional 202,089 shares during the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of Otis Worldwide by 12.4% during the 4th quarter. Alliancebernstein L.P. now owns 8,053,409 shares of the company’s stock worth $701,210,000 after purchasing an additional 890,179 shares during the last quarter. 83.32% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 13,576 shares of Otis Worldwide stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $76.54, for a total transaction of $1,039,107.04. Following the completion of the sale, the executive vice president now directly owns 12,376 shares in the company, valued at $947,259.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Nora E. Lafreniere sold 13,576 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $76.54, for a total value of $1,039,107.04. Following the completion of the sale, the executive vice president now directly owns 12,376 shares in the company, valued at $947,259.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Rahul Ghai sold 2,618 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $78.55, for a total transaction of $205,643.90. Following the completion of the sale, the chief financial officer now owns 7,063 shares of the company’s stock, valued at $554,798.65. The disclosure for this sale can be found here. Insiders own 0.11% of the company’s stock.

Wall Street Analyst Weigh In

OTIS has been the subject of several research analyst reports. Cowen reduced their price target on shares of Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating for the company in a research report on Tuesday, April 26th. Credit Suisse Group upped their price objective on shares of Otis Worldwide from $79.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, July 28th. Berenberg Bank dropped their price target on shares of Otis Worldwide from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, June 22nd. BNP Paribas cut shares of Otis Worldwide from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $95.00 to $80.00 in a research note on Tuesday, July 5th. Finally, Cowen decreased their price objective on shares of Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating on the stock in a report on Tuesday, April 26th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $77.40.

Otis Worldwide Trading Up 2.3 %

Shares of OTIS opened at $79.23 on Thursday. The stock has a market cap of $33.29 billion, a P/E ratio of 27.23 and a beta of 0.88. The company has a 50-day moving average of $72.34 and a two-hundred day moving average of $75.47. Otis Worldwide Co. has a 12-month low of $66.97 and a 12-month high of $92.84.

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

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Saturday, September 10th. Stockholders of record on Friday, August 19th will be issued a dividend of $0.29 per share. The ex-dividend date is Thursday, August 18th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.46%. Otis Worldwide’s dividend payout ratio (DPR) is presently 39.86%.

Otis Worldwide Profile

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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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