Candriam Luxembourg S.C.A. cut its holdings in Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 8.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 431,102 shares of the company’s stock after selling 37,300 shares during the quarter. Candriam Luxembourg S.C.A. owned about 0.10% of Otis Worldwide worth $33,172,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently bought and sold shares of the business. Financial Advisors Network Inc. purchased a new position in shares of Otis Worldwide in the 1st quarter valued at approximately $2,714,000. Vanguard Group Inc. grew its position in Otis Worldwide by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 39,127,186 shares of the company’s stock valued at $3,010,837,000 after buying an additional 829,784 shares during the last quarter. National Pension Service grew its position in Otis Worldwide by 0.4% in the 1st quarter. National Pension Service now owns 552,906 shares of the company’s stock valued at $42,546,000 after buying an additional 2,107 shares during the last quarter. Brighton Jones LLC raised its position in Otis Worldwide by 5.0% during the 1st quarter. Brighton Jones LLC now owns 3,876 shares of the company’s stock worth $298,000 after buying an additional 183 shares during the last quarter. Finally, Sequoia Financial Advisors LLC raised its position in Otis Worldwide by 25.3% during the 1st quarter. Sequoia Financial Advisors LLC now owns 3,536 shares of the company’s stock worth $272,000 after buying an additional 715 shares during the last quarter. 83.16% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
OTIS has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their price target on shares of Otis Worldwide from $67.00 to $70.00 and gave the stock an “underweight” rating in a research note on Thursday, July 28th. Exane BNP Paribas downgraded Otis Worldwide from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $95.00 to $80.00 in a research note on Tuesday, July 5th. Berenberg Bank decreased their price target on Otis Worldwide from $88.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, June 22nd. BNP Paribas cut Otis Worldwide from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $95.00 to $80.00 in a research report on Tuesday, July 5th. Finally, Credit Suisse Group boosted their target price on shares of Otis Worldwide from $79.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, July 28th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average target price of $77.40.
Otis Worldwide Stock Down 0.7 %
Otis Worldwide (NYSE:OTIS – Get Rating) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.08. Otis Worldwide had a net margin of 8.83% and a negative return on equity of 32.91%. The company had revenue of $3.49 billion for the quarter, compared to the consensus estimate of $3.56 billion. During the same quarter in the prior year, the firm earned $0.79 earnings per share. The company’s revenue for the quarter was down 5.8% compared to the same quarter last year. On average, research analysts expect that Otis Worldwide Co. will post 3.2 EPS for the current fiscal year.
Otis Worldwide Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Saturday, September 10th. Stockholders of record on Friday, August 19th will be issued a $0.29 dividend. The ex-dividend date of this dividend is Thursday, August 18th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.59%. Otis Worldwide’s dividend payout ratio (DPR) is 39.86%.
In other Otis Worldwide news, CFO Rahul Ghai sold 2,618 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $78.55, for a total value of $205,643.90. Following the transaction, the chief financial officer now directly owns 7,063 shares in the company, valued at approximately $554,798.65. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Otis Worldwide news, CFO Rahul Ghai sold 2,618 shares of the business’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $78.55, for a total value of $205,643.90. Following the completion of the transaction, the chief financial officer now directly owns 7,063 shares in the company, valued at approximately $554,798.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Nora E. Lafreniere sold 13,576 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $76.54, for a total value of $1,039,107.04. Following the transaction, the executive vice president now directly owns 12,376 shares in the company, valued at approximately $947,259.04. The disclosure for this sale can be found here. Company insiders own 0.11% of the company’s stock.
Otis Worldwide Profile
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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