Kestra Advisory Services LLC Cuts Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Kestra Advisory Services LLC trimmed its stake in shares of Otis Worldwide Co. (NYSE:OTISGet Rating) by 10.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 19,688 shares of the company’s stock after selling 2,188 shares during the period. Kestra Advisory Services LLC’s holdings in Otis Worldwide were worth $1,256,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in OTIS. American Century Companies Inc. grew its stake in shares of Otis Worldwide by 8.6% in the 1st quarter. American Century Companies Inc. now owns 7,817 shares of the company’s stock worth $601,000 after buying an additional 620 shares in the last quarter. Cibc World Market Inc. grew its stake in shares of Otis Worldwide by 3.0% in the 1st quarter. Cibc World Market Inc. now owns 11,669 shares of the company’s stock worth $898,000 after buying an additional 338 shares in the last quarter. Moors & Cabot Inc. grew its stake in shares of Otis Worldwide by 7.7% in the 1st quarter. Moors & Cabot Inc. now owns 6,574 shares of the company’s stock worth $506,000 after buying an additional 469 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in shares of Otis Worldwide by 25.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 3,536 shares of the company’s stock worth $272,000 after buying an additional 715 shares in the last quarter. Finally, Brighton Jones LLC grew its stake in shares of Otis Worldwide by 5.0% in the 1st quarter. Brighton Jones LLC now owns 3,876 shares of the company’s stock worth $298,000 after buying an additional 183 shares in the last quarter. 83.95% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $81.35 on Tuesday. Otis Worldwide Co. has a one year low of $62.49 and a one year high of $86.37. The firm has a market cap of $33.89 billion, a P/E ratio of 27.96 and a beta of 0.96. The firm has a 50-day simple moving average of $79.36 and a 200-day simple moving average of $74.42.

Otis Worldwide (NYSE:OTISGet Rating) last posted its quarterly earnings results on Wednesday, October 26th. The company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.78 by $0.02. Otis Worldwide had a net margin of 8.95% and a negative return on equity of 30.13%. The business had revenue of $3.34 billion during the quarter, compared to analyst estimates of $3.44 billion. On average, research analysts predict that Otis Worldwide Co. will post 3.15 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Saturday, December 10th. Stockholders of record on Friday, November 18th were issued a $0.29 dividend. The ex-dividend date was Thursday, November 17th. This represents a $1.16 annualized dividend and a dividend yield of 1.43%. Otis Worldwide’s dividend payout ratio is currently 39.86%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on OTIS shares. Morgan Stanley started coverage on shares of Otis Worldwide in a research note on Friday, January 6th. They set an “equal weight” rating and a $84.00 price target for the company. Credit Suisse Group lifted their price target on shares of Otis Worldwide from $73.00 to $76.00 and gave the stock a “neutral” rating in a research note on Thursday, October 27th. Argus cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Monday, November 7th. Wells Fargo & Company lifted their price target on shares of Otis Worldwide from $71.00 to $76.00 and gave the stock an “underweight” rating in a research note on Thursday, January 19th. Finally, Barclays cut shares of Otis Worldwide from an “overweight” rating to an “equal weight” rating and set a $80.00 price target for the company. in a research note on Thursday, December 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus target price of $78.80.

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.

Further Reading

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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