Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Invesco Ltd.

Invesco Ltd. trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTISGet Rating) by 7.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,755,211 shares of the company’s stock after selling 431,526 shares during the period. Invesco Ltd. owned 1.36% of Otis Worldwide worth $442,865,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of OTIS. Norges Bank acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $335,180,000. JPMorgan Chase & Co. boosted its stake in Otis Worldwide by 169.6% during the 4th quarter. JPMorgan Chase & Co. now owns 4,635,029 shares of the company’s stock valued at $403,573,000 after purchasing an additional 2,916,030 shares during the period. Lazard Freres Gestion S.A.S. bought a new position in Otis Worldwide in the 1st quarter worth about $99,844,000. Lazard Asset Management LLC increased its stake in shares of Otis Worldwide by 33.8% in the first quarter. Lazard Asset Management LLC now owns 3,896,561 shares of the company’s stock valued at $299,840,000 after purchasing an additional 984,793 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in shares of Otis Worldwide by 12.4% during the fourth quarter. Alliancebernstein L.P. now owns 8,053,409 shares of the company’s stock valued at $701,210,000 after buying an additional 890,179 shares during the last quarter. 83.16% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

OTIS opened at $73.40 on Monday. The company has a market capitalization of $30.85 billion, a price-to-earnings ratio of 25.22 and a beta of 0.91. Otis Worldwide Co. has a 1-year low of $66.97 and a 1-year high of $91.71. The business has a 50 day moving average price of $74.87 and a two-hundred day moving average price of $74.60.

Otis Worldwide (NYSE:OTISGet Rating) last posted 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. 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%. The firm’s revenue was down 5.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.79 earnings per share. Equities analysts expect that Otis Worldwide Co. will post 3.2 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Saturday, September 10th. Shareholders of record on Friday, August 19th were issued a $0.29 dividend. The ex-dividend date was Thursday, August 18th. This represents a $1.16 annualized dividend and a dividend yield of 1.58%. Otis Worldwide’s dividend payout ratio is currently 39.86%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide 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 transaction, the chief financial officer now owns 7,063 shares of the company’s stock, valued at $554,798.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Otis Worldwide news, EVP Nora E. Lafreniere sold 13,576 shares of the business’s stock in a transaction on Friday, July 29th. The shares were 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 of the company’s stock, valued at approximately $947,259.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Rahul Ghai sold 2,618 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $78.55, for a total transaction 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 disclosure for this sale can be found here. 0.11% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on OTIS shares. Credit Suisse Group boosted their price objective on Otis Worldwide from $79.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, July 28th. Barclays reduced their price objective on Otis Worldwide from $82.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday, July 8th. BNP Paribas downgraded Otis Worldwide from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $95.00 to $80.00 in a research report on Tuesday, July 5th. Exane BNP Paribas downgraded Otis Worldwide from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $95.00 to $80.00 in a research report on Tuesday, July 5th. Finally, Berenberg Bank reduced their price objective on Otis Worldwide from $88.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, June 22nd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $77.40.

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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