YHB Investment Advisors Inc. reduced its stake in shares of Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 1.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,844 shares of the company’s stock after selling 213 shares during the quarter. YHB Investment Advisors Inc.’s holdings in Otis Worldwide were worth $1,544,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in OTIS. Intelligent Financial Strategies acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at $28,000. NuWave Investment Management LLC acquired a new position in Otis Worldwide during the first quarter valued at $26,000. LFA Lugano Financial Advisors SA acquired a new position in Otis Worldwide in the 1st quarter worth about $27,000. James Reed Financial Services Inc. acquired a new position in Otis Worldwide in the 4th quarter worth about $34,000. Finally, Standard Family Office LLC acquired a new position in Otis Worldwide in the 4th quarter worth about $38,000. 83.16% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
OTIS has been the subject of several recent analyst reports. BNP Paribas downgraded Otis Worldwide from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $95.00 to $80.00 in a research note on Tuesday, July 5th. Berenberg Bank reduced their price objective on Otis Worldwide from $88.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, June 22nd. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $100.00 to $62.00 in a report on Thursday, July 7th. Exane BNP Paribas cut Otis Worldwide from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $95.00 to $80.00 in a report on Tuesday, July 5th. Finally, Wells Fargo & Company raised their price target on Otis Worldwide from $67.00 to $70.00 and gave the company an “underweight” rating in a report on Thursday, July 28th. Two investment 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. According to MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $77.40.
Insider Activity at Otis Worldwide
Otis Worldwide Trading Down 2.4 %
Shares of OTIS stock opened at $65.45 on Friday. The stock has a market cap of $27.50 billion, a P/E ratio of 22.49 and a beta of 0.91. The stock has a 50 day simple moving average of $74.68 and a 200 day simple moving average of $74.07. Otis Worldwide Co. has a 1 year low of $65.36 and a 1 year high of $88.22.
Otis Worldwide (NYSE:OTIS – Get Rating) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.86 earnings per share for the quarter, beating 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 negative return on equity of 32.91% and a net margin of 8.83%. Otis Worldwide’s quarterly revenue was down 5.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.79 earnings per share. Analysts forecast that Otis Worldwide Co. will post 3.2 EPS for the current year.
Otis Worldwide Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Saturday, September 10th. Stockholders of record on Friday, August 19th were given a dividend of $0.29 per share. The ex-dividend date was Thursday, August 18th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.77%. Otis Worldwide’s dividend payout ratio (DPR) is presently 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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