YHB Investment Advisors Inc. Cuts Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

YHB Investment Advisors Inc. trimmed its position in shares of Otis Worldwide Co. (NYSE:OTISGet Rating) by 1.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,844 shares of the company’s stock after selling 213 shares during the quarter. YHB Investment Advisors Inc.’s holdings in Otis Worldwide were worth $1,544,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in OTIS. RB Capital Management LLC purchased a new stake in shares of Otis Worldwide during the second quarter worth $281,000. BerganKDV Wealth Management LLC lifted its position in Otis Worldwide by 69.5% in the second quarter. BerganKDV Wealth Management LLC now owns 556 shares of the company’s stock valued at $39,000 after buying an additional 228 shares during the last quarter. Atticus Wealth Management LLC lifted its position in Otis Worldwide by 735.1% in the second quarter. Atticus Wealth Management LLC now owns 476 shares of the company’s stock valued at $34,000 after buying an additional 419 shares during the last quarter. Private Advisor Group LLC lifted its position in Otis Worldwide by 4.2% in the second quarter. Private Advisor Group LLC now owns 34,257 shares of the company’s stock valued at $2,422,000 after buying an additional 1,388 shares during the last quarter. Finally, Gateway Investment Advisers LLC lifted its position in shares of Otis Worldwide by 4.2% during the second quarter. Gateway Investment Advisers LLC now owns 48,410 shares of the company’s stock worth $3,421,000 after purchasing an additional 1,965 shares in the last quarter. 83.16% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $100.00 to $62.00 in a research report on Thursday, July 7th. Barclays dropped their price target on shares of Otis Worldwide from $82.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, July 8th. Wells Fargo & Company increased their price target on shares of Otis Worldwide from $67.00 to $70.00 and gave the company an “underweight” rating in a research note on Thursday, July 28th. BNP Paribas downgraded Otis Worldwide from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $95.00 to $80.00 in a report on Tuesday, July 5th. Finally, 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. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $77.40.

Insider Activity

In related news, EVP Nora E. Lafreniere sold 13,576 shares of the company’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $76.54, for a total transaction of $1,039,107.04. Following the completion of the transaction, the executive vice president now directly owns 12,376 shares in the company, valued at approximately $947,259.04. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, CFO Rahul Ghai sold 2,618 shares of the company’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 sale, the chief financial officer now owns 7,063 shares in the company, valued at $554,798.65. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Nora E. Lafreniere sold 13,576 shares of the company’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $76.54, for a total value of $1,039,107.04. Following the completion of the sale, the executive vice president now owns 12,376 shares of the company’s stock, 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 Price Performance

NYSE OTIS opened at $65.45 on Friday. The business’s 50-day simple moving average is $74.68 and its 200-day simple moving average is $74.07. The firm has a market capitalization of $27.50 billion, a P/E ratio of 22.49 and a beta of 0.91. Otis Worldwide Co. has a 1-year low of $65.36 and a 1-year high of $88.22.

Otis Worldwide (NYSE:OTISGet Rating) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.08. Otis Worldwide had a negative return on equity of 32.91% and a net margin of 8.83%. The company had revenue of $3.49 billion for the quarter, compared to the consensus estimate of $3.56 billion. During the same period in the previous year, the business earned $0.79 EPS. Otis Worldwide’s revenue for the quarter was down 5.8% compared to the same quarter last year. On average, equities research analysts expect that Otis Worldwide Co. will post 3.2 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Saturday, September 10th. Stockholders of record on Friday, August 19th were issued a $0.29 dividend. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.77%. Otis Worldwide’s dividend payout ratio (DPR) is 39.86%.

About Otis Worldwide

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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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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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