Advisor Group Holdings Inc. Cuts Position in Otis Worldwide Co. (NYSE:OTIS)

Advisor Group Holdings Inc. decreased its position in Otis Worldwide Co. (NYSE:OTISGet Rating) by 8.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 90,843 shares of the company’s stock after selling 8,550 shares during the quarter. Advisor Group Holdings Inc.’s holdings in Otis Worldwide were worth $7,047,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Intelligent Financial Strategies purchased a new stake in Otis Worldwide in the fourth quarter valued at approximately $28,000. Curi Wealth Management LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth $27,000. Elmwood Wealth Management Inc. purchased a new stake in shares of Otis Worldwide during the fourth quarter worth $28,000. NuWave Investment Management LLC purchased a new stake in shares of Otis Worldwide during the first quarter worth $26,000. Finally, HHM Wealth Advisors LLC increased its position in shares of Otis Worldwide by 103.0% during the fourth quarter. HHM Wealth Advisors LLC now owns 339 shares of the company’s stock worth $30,000 after acquiring an additional 172 shares during the period. Hedge funds and other institutional investors own 83.32% of the company’s stock.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $79.32 on Friday. The company has a 50-day simple moving average of $72.43 and a 200-day simple moving average of $75.44. Otis Worldwide Co. has a one year low of $66.97 and a one year high of $92.84. The stock has a market capitalization of $33.33 billion, a price-to-earnings ratio of 27.28 and a beta of 0.88.

Otis Worldwide (NYSE:OTISGet Rating) last announced its earnings results on Wednesday, July 27th. The company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $3.49 billion during the quarter, compared to analysts’ expectations of $3.56 billion. During the same period in the prior year, the company earned $0.79 earnings per share. The business’s revenue was down 5.8% compared to the same quarter last year. As a group, research analysts forecast that Otis Worldwide Co. will post 3.2 EPS 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. Investors of record on Friday, August 19th will be issued a dividend of $0.29 per share. The ex-dividend date is Thursday, August 18th. This represents a $1.16 annualized dividend and a yield of 1.46%. Otis Worldwide’s dividend payout ratio is currently 39.86%.

Analyst Ratings Changes

A number of analysts have recently weighed in on OTIS shares. BNP Paribas lowered 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. 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 note on Thursday, July 28th. Cowen lowered their target price on shares of Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating for the company in a research note on Tuesday, April 26th. Exane BNP Paribas downgraded shares of Otis Worldwide from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $95.00 to $80.00 in a research note on Tuesday, July 5th. Finally, Barclays lowered their target price on shares of Otis Worldwide from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, July 8th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $77.40.

Insider Buying and Selling at Otis Worldwide

In related news, CFO Rahul Ghai sold 2,618 shares of Otis Worldwide stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 7,063 shares in the company, valued at $554,798.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CFO Rahul Ghai sold 2,618 shares of Otis Worldwide stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 7,063 shares in the company, valued at $554,798.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 13,576 shares of Otis Worldwide stock in a transaction that occurred 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 in the company, valued at $947,259.04. The disclosure for this sale can be found here. 0.11% of the stock is owned by corporate insiders.

Otis Worldwide Company Profile

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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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