Citigroup Inc. lowered its position in shares of Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 12.3% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 241,431 shares of the company’s stock after selling 33,822 shares during the quarter. Citigroup Inc.’s holdings in Otis Worldwide were worth $18,578,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. NuWave Investment Management LLC acquired a new stake in Otis Worldwide during the first quarter valued at approximately $26,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of Otis Worldwide during the 1st quarter worth approximately $27,000. Intelligent Financial Strategies acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $28,000. James Reed Financial Services Inc. acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $34,000. Finally, CVA Family Office LLC raised its position in shares of Otis Worldwide by 47.6% during the 1st quarter. CVA Family Office LLC now owns 465 shares of the company’s stock worth $36,000 after purchasing an additional 150 shares during the period. Institutional investors and hedge funds own 83.16% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on the company. Exane BNP Paribas cut Otis Worldwide from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $95.00 to $80.00 in a research report on Tuesday, July 5th. Credit Suisse Group increased their price target on Otis Worldwide from $79.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, July 28th. Berenberg Bank decreased their price objective on Otis Worldwide from $88.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, June 22nd. Wells Fargo & Company increased their price objective on Otis Worldwide from $67.00 to $70.00 and gave the stock an “underweight” rating in a report on Thursday, July 28th. Finally, BNP Paribas lowered Otis Worldwide from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $95.00 to $80.00 in a report on Tuesday, July 5th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and a consensus target price of $77.40.
Insider Buying and Selling at Otis Worldwide
Otis Worldwide Stock Performance
Shares of NYSE OTIS opened at $71.72 on Friday. The stock has a fifty day moving average price of $74.55 and a two-hundred day moving average price of $74.84. The firm has a market cap of $30.14 billion, a P/E ratio of 24.65 and a beta of 0.88. Otis Worldwide Co. has a 1 year low of $66.97 and a 1 year high of $92.46.
Otis Worldwide (NYSE:OTIS – Get Rating) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.08. The firm had revenue of $3.49 billion during the quarter, compared to analyst estimates of $3.56 billion. Otis Worldwide had a negative return on equity of 32.91% and a net margin of 8.83%. The firm’s quarterly revenue was down 5.8% on a year-over-year basis. During the same period last year, the company posted $0.79 EPS. On average, research analysts predict that Otis Worldwide Co. will post 3.2 earnings per share for the current fiscal year.
Otis Worldwide Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Saturday, September 10th. Shareholders of record on Friday, August 19th will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date is Thursday, August 18th. Otis Worldwide’s payout ratio is currently 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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