Van Hulzen Asset Management LLC Decreases Holdings in Otis Worldwide Co. (NYSE:OTIS)

Van Hulzen Asset Management LLC reduced its position in Otis Worldwide Co. (NYSE:OTIS) by 25.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,000 shares of the company’s stock after selling 3,500 shares during the period. Van Hulzen Asset Management LLC’s holdings in Otis Worldwide were worth $963,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Jamison Private Wealth Management Inc. lifted its holdings in shares of Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares in the last quarter. Hantz Financial Services Inc. purchased a new stake in Otis Worldwide in the 2nd quarter valued at approximately $29,000. LifeSteps Financial Inc. purchased a new stake in Otis Worldwide in the 1st quarter valued at approximately $31,000. Versant Capital Management Inc grew its holdings in Otis Worldwide by 125.0% during the 2nd quarter. Versant Capital Management Inc now owns 369 shares of the company’s stock valued at $36,000 after buying an additional 205 shares during the last quarter. Finally, GPS Wealth Strategies Group LLC increased its position in Otis Worldwide by 1,314.3% during the second quarter. GPS Wealth Strategies Group LLC now owns 396 shares of the company’s stock worth $38,000 after buying an additional 368 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Trading Up 0.5 %

NYSE OTIS opened at $92.15 on Wednesday. The business’s 50-day moving average price is $94.70 and its 200 day moving average price is $95.96. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.84. The company has a market capitalization of $37.26 billion, a PE ratio of 26.63 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same period in the prior year, the firm posted $0.92 EPS. The company’s revenue was down 3.2% on a year-over-year basis. Equities analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. Otis Worldwide’s dividend payout ratio is presently 45.09%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on OTIS shares. Wells Fargo & Company reduced their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 25th. Morgan Stanley assumed coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $98.57.

About Otis Worldwide

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.