US Bancorp DE lessened its stake in Otis Worldwide Co. (NYSE:OTIS – Free Report) by 4.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 257,246 shares of the company’s stock after selling 12,866 shares during the quarter. US Bancorp DE owned about 0.06% of Otis Worldwide worth $22,897,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Fiduciary Alliance LLC acquired a new position in shares of Otis Worldwide in the second quarter valued at approximately $25,000. Nemes Rush Group LLC acquired a new position in shares of Otis Worldwide in the second quarter valued at approximately $26,000. Core Alternative Capital increased its stake in shares of Otis Worldwide by 91.1% in the second quarter. Core Alternative Capital now owns 302 shares of the company’s stock valued at $27,000 after buying an additional 144 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC increased its stake in shares of Otis Worldwide by 95.5% in the first quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 389 shares of the company’s stock valued at $33,000 after buying an additional 190 shares during the period. Finally, Resurgent Financial Advisors LLC bought a new stake in Otis Worldwide in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 85.48% of the company’s stock.
Analyst Ratings Changes
A number of equities analysts have issued reports on the company. UBS Group assumed coverage on Otis Worldwide in a report on Tuesday, October 3rd. They set a “neutral” rating and a $87.00 price target on the stock. Royal Bank of Canada increased their price target on Otis Worldwide from $96.00 to $100.00 in a report on Friday, July 28th. Wells Fargo & Company cut their price target on Otis Worldwide from $92.00 to $82.00 in a report on Monday, October 9th. Barclays cut their price target on Otis Worldwide from $80.00 to $76.00 in a report on Thursday, September 7th. Finally, TheStreet upgraded Otis Worldwide from a “c+” rating to a “b” rating in a report on Wednesday, July 26th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $88.29.
Otis Worldwide Trading Up 0.7 %
NYSE OTIS opened at $84.54 on Friday. The firm has a market capitalization of $34.60 billion, a P/E ratio of 25.54 and a beta of 0.99. The business has a fifty day simple moving average of $80.09 and a 200 day simple moving average of $84.04. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $91.33.
Otis Worldwide (NYSE:OTIS – Get Free Report) last released its quarterly earnings results on Wednesday, October 25th. The company reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.07. The business had revenue of $3.52 billion during the quarter, compared to analyst estimates of $3.54 billion. Otis Worldwide had a negative return on equity of 30.00% and a net margin of 9.84%. Otis Worldwide’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.80 EPS. As a group, sell-side analysts predict that Otis Worldwide Co. will post 3.52 EPS for the current fiscal year.
Otis Worldwide Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Friday, November 17th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend is Thursday, November 16th. Otis Worldwide’s payout ratio is currently 41.09%.
About Otis Worldwide
Otis Worldwide Corporation engages in the 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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