Retirement Systems of Alabama Has $8.59 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Retirement Systems of Alabama lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 89,190 shares of the company’s stock after selling 299 shares during the period. Retirement Systems of Alabama’s holdings in Otis Worldwide were worth $8,585,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Jamison Private Wealth Management Inc. raised its stake in Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after buying an additional 286 shares during the period. LifeSteps Financial Inc. bought a new stake in shares of Otis Worldwide during the first quarter valued at approximately $31,000. Pacific Capital Wealth Advisors Inc. acquired a new position in shares of Otis Worldwide during the fourth quarter worth approximately $35,000. Accent Capital Management LLC bought a new position in shares of Otis Worldwide in the 4th quarter worth $36,000. Finally, Versant Capital Management Inc grew its position in Otis Worldwide by 125.0% in the 2nd quarter. Versant Capital Management Inc now owns 369 shares of the company’s stock valued at $36,000 after purchasing an additional 205 shares during the period. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Wells Fargo & Company lowered their price objective 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. Argus upped their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Otis Worldwide has an average rating of “Hold” and a consensus target price of $98.83.

Otis Worldwide Trading Up 0.5 %

Shares of NYSE:OTIS opened at $94.20 on Friday. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.84. The stock has a market cap of $37.73 billion, a PE ratio of 27.23 and a beta of 1.03. The stock’s fifty day simple moving average is $95.38 and its two-hundred day simple moving average is $95.77.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same period last year, the firm earned $0.92 earnings per share. The firm’s revenue was down 3.2% on a year-over-year basis. On average, 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 firm also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be issued 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 presently 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.