Massmutual Trust Co. FSB ADV reduced its stake in Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 14.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,652 shares of the company’s stock after selling 282 shares during the quarter. Massmutual Trust Co. FSB ADV’s holdings in Otis Worldwide were worth $117,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in the stock. Envestnet Asset Management Inc. lifted its holdings in Otis Worldwide by 6.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 256,860 shares of the company’s stock worth $19,765,000 after buying an additional 15,599 shares in the last quarter. Signaturefd LLC lifted its holdings in Otis Worldwide by 5.3% during the 1st quarter. Signaturefd LLC now owns 4,064 shares of the company’s stock worth $313,000 after buying an additional 204 shares in the last quarter. Calamos Advisors LLC lifted its holdings in Otis Worldwide by 15.4% during the 1st quarter. Calamos Advisors LLC now owns 93,755 shares of the company’s stock worth $7,214,000 after buying an additional 12,497 shares in the last quarter. Cartenna Capital LP acquired a new stake in Otis Worldwide during the 4th quarter worth approximately $10,884,000. Finally, Nuveen Asset Management LLC lifted 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 worth $158,377,000 after buying an additional 18,497 shares in the last quarter. 83.16% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities research analysts have commented on the stock. BNP Paribas downgraded shares of Otis Worldwide from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $95.00 to $80.00 in a research report on Tuesday, July 5th. Credit Suisse Group increased their price objective on shares of Otis Worldwide from $79.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, July 28th. Exane BNP Paribas downgraded shares of Otis Worldwide from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $95.00 to $80.00 in a research report on Tuesday, July 5th. JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $100.00 to $62.00 in a research report on Thursday, July 7th. Finally, Wells Fargo & Company increased their price objective on shares of Otis Worldwide from $67.00 to $70.00 and gave the company an “underweight” rating in a research report on Thursday, July 28th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $77.40.
Insider Buying and Selling
Otis Worldwide Price Performance
NYSE OTIS opened at $68.25 on Tuesday. The firm’s fifty day moving average price is $74.80 and its 200 day moving average price is $74.23. The company has a market capitalization of $28.68 billion, a price-to-earnings ratio of 23.45 and a beta of 0.91. Otis Worldwide Co. has a 12 month low of $66.97 and a 12 month high of $88.22.
Otis Worldwide (NYSE:OTIS – Get Rating) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.08. The firm had revenue of $3.49 billion during the quarter, compared to analysts’ expectations of $3.56 billion. Otis Worldwide had a net margin of 8.83% and a negative return on equity of 32.91%. Otis Worldwide’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.79 EPS. As a group, sell-side analysts forecast that Otis Worldwide Co. will post 3.2 earnings per share for the current year.
Otis Worldwide Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Saturday, September 10th. Investors of record on Friday, August 19th were paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend was Thursday, August 18th. Otis Worldwide’s dividend payout ratio is currently 39.86%.
About Otis Worldwide
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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