Cambridge Investment Research Advisors Inc. Sells 1,019 Shares of Otis Worldwide Co. (NYSE:OTIS)

Cambridge Investment Research Advisors Inc. trimmed its stake in shares of Otis Worldwide Co. (NYSE:OTISGet Rating) by 3.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,124 shares of the company’s stock after selling 1,019 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Otis Worldwide were worth $2,395,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Intelligent Financial Strategies bought a new position in shares of Otis Worldwide during the fourth quarter worth about $28,000. NuWave Investment Management LLC bought a new position in shares of Otis Worldwide during the first quarter worth about $26,000. LFA Lugano Financial Advisors SA bought a new position in shares of Otis Worldwide during the first quarter worth about $27,000. James Reed Financial Services Inc. bought a new position in shares of Otis Worldwide during the fourth quarter worth about $34,000. Finally, Standard Family Office LLC acquired a new stake in Otis Worldwide during the fourth quarter worth approximately $38,000. 83.16% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Exane BNP Paribas cut Otis Worldwide from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $95.00 to $80.00 in a research note on Tuesday, July 5th. Wells Fargo & Company raised their target price on Otis Worldwide from $67.00 to $70.00 and gave the stock an “underweight” rating in a research note on Thursday, July 28th. Barclays decreased their target price on Otis Worldwide from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, July 8th. Berenberg Bank decreased their target price on Otis Worldwide from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, June 22nd. Finally, BNP Paribas cut Otis Worldwide from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $95.00 to $80.00 in a research note on Tuesday, July 5th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $77.40.

Otis Worldwide Stock Down 1.4 %

Shares of NYSE:OTIS opened at $71.72 on Monday. The stock has a market cap of $30.14 billion, a price-to-earnings ratio of 24.65 and a beta of 0.88. Otis Worldwide Co. has a 12-month low of $66.97 and a 12-month high of $92.46. The business’s 50 day moving average is $74.55 and its 200 day moving average is $74.84.

Otis Worldwide (NYSE:OTISGet Rating) last announced its 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. The company had revenue of $3.49 billion for the quarter, compared to analysts’ expectations of $3.56 billion. Otis Worldwide had a negative return on equity of 32.91% and a net margin of 8.83%. Otis Worldwide’s quarterly revenue was down 5.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.79 earnings per share. As a group, equities research analysts expect that Otis Worldwide Co. will post 3.2 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Saturday, September 10th. Investors of record on Friday, August 19th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Thursday, August 18th. This represents a $1.16 annualized dividend and a dividend yield of 1.62%. Otis Worldwide’s payout ratio is 39.86%.

Insider Buying and Selling

In related news, EVP Nora E. Lafreniere sold 13,576 shares of Otis Worldwide 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 sale, the executive vice president now directly owns 12,376 shares in the company, valued at $947,259.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Nora E. Lafreniere sold 13,576 shares of Otis Worldwide 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 sale, the executive vice president now directly owns 12,376 shares in the company, valued at $947,259.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Rahul Ghai sold 2,618 shares of Otis Worldwide 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 sale, the chief financial officer now owns 7,063 shares in the company, valued at $554,798.65. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by corporate insiders.

Otis Worldwide Company Profile

(Get Rating)

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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