Louisiana State Employees Retirement System Reduces Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Louisiana State Employees Retirement System lowered its stake in Otis Worldwide Co. (NYSE:OTIS) by 3.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,900 shares of the company’s stock after selling 700 shares during the period. Louisiana State Employees Retirement System’s holdings in Otis Worldwide were worth $2,204,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Otis Worldwide by 14.8% in the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after acquiring an additional 5,913,933 shares during the period. Norges Bank acquired a new position in Otis Worldwide in the 4th quarter worth about $628,855,000. PineStone Asset Management Inc. raised its holdings in Otis Worldwide by 138.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after purchasing an additional 2,590,780 shares during the period. Sarasin & Partners LLP boosted its position in Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after purchasing an additional 883,659 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Otis Worldwide by 4.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company’s stock valued at $316,782,000 after purchasing an additional 126,684 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Up 0.2 %

NYSE OTIS traded up $0.22 on Friday, reaching $93.94. The stock had a trading volume of 384,628 shares, compared to its average volume of 2,092,288. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84. The stock has a fifty day moving average price of $95.44 and a two-hundred day moving average price of $95.72. The firm has a market capitalization of $37.63 billion, a price-to-earnings ratio of 27.09 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.03. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. Otis Worldwide’s revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.92 EPS. Sell-side analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend is Friday, August 16th. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Argus upped their target price on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. JPMorgan Chase & Co. upped their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Finally, Wells Fargo & Company cut their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, July 25th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $98.83.

Otis Worldwide Company 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.