Otis Worldwide Corporation (NYSE:OTIS) Stake Lessened by DAVENPORT & Co LLC

DAVENPORT & Co LLC trimmed its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 10.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,722 shares of the company’s stock after selling 1,451 shares during the period. DAVENPORT & Co LLC’s holdings in Otis Worldwide were worth $1,313,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of OTIS. JPMorgan Chase & Co. raised its holdings in shares of Otis Worldwide by 26.5% during the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company’s stock worth $3,289,868,000 after acquiring an additional 7,447,860 shares in the last quarter. Norges Bank purchased a new stake in shares of Otis Worldwide during the fourth quarter worth $649,883,000. GAMMA Investing LLC raised its holdings in shares of Otis Worldwide by 12,162.8% during the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company’s stock worth $84,701,000 after acquiring an additional 814,057 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of Otis Worldwide during the fourth quarter worth $66,962,000. Finally, Northern Trust Corp raised its holdings in shares of Otis Worldwide by 12.3% during the fourth quarter. Northern Trust Corp now owns 4,577,626 shares of the company’s stock worth $423,934,000 after acquiring an additional 501,016 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several recent research reports. Wells Fargo & Company raised their target price on Otis Worldwide from $95.00 to $100.00 and gave the company an “equal weight” rating in a report on Tuesday, July 1st. Barclays cut their target price on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Friday, April 25th. Royal Bank Of Canada cut their target price on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. Finally, JPMorgan Chase & Co. raised their target price on Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, May 16th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $101.43.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $99.51 on Friday. The company has a market cap of $39.27 billion, a P/E ratio of 26.12 and a beta of 0.98. The stock’s 50-day moving average is $96.70 and its 200-day moving average is $96.79. Otis Worldwide Corporation has a 52-week low of $89.70 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.01. The company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The firm’s revenue was down 2.5% compared to the same quarter last year. During the same period last year, the business posted $0.88 earnings per share. As a group, equities analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were given a dividend of $0.42 per share. The ex-dividend date was Friday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a yield of 1.69%. Otis Worldwide’s dividend payout ratio (DPR) is 44.09%.

Otis Worldwide Profile

Otis Worldwide Corporation engages in 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.