New York State Teachers Retirement System Reduces Position in Otis Worldwide Co. (NYSE:OTIS)

New York State Teachers Retirement System trimmed its position in Otis Worldwide Co. (NYSE:OTIS) by 2.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 338,544 shares of the company’s stock after selling 8,482 shares during the quarter. New York State Teachers Retirement System owned 0.08% of Otis Worldwide worth $32,588,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jamison Private Wealth Management Inc. lifted its stake in Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after acquiring an additional 286 shares during the period. Cetera Trust Company N.A bought a new stake in shares of Otis Worldwide during the 4th quarter valued at about $27,000. LifeSteps Financial Inc. purchased a new position in shares of Otis Worldwide during the first quarter valued at about $31,000. Versant Capital Management Inc raised its stake in Otis Worldwide by 125.0% in the second quarter. Versant Capital Management Inc now owns 369 shares of the company’s stock worth $36,000 after buying an additional 205 shares in the last quarter. Finally, Pacific Capital Wealth Advisors Inc. purchased a new stake in Otis Worldwide in the fourth quarter worth about $35,000. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on OTIS shares. Argus raised their target price on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $98.83.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $94.20 on Friday. The company has a market capitalization of $37.73 billion, a PE ratio of 27.23 and a beta of 1.03. The business has a fifty day moving average price of $95.44 and a 200-day moving average price of $95.72. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.84.

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

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend 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%.

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.