Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Resources Management Corp CT ADV

Resources Management Corp CT ADV reduced its stake in shares of Otis Worldwide Co. (NYSE:OTISGet Rating) by 14.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,226 shares of the company’s stock after selling 567 shares during the period. Resources Management Corp CT ADV’s holdings in Otis Worldwide were worth $248,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of OTIS. Worldquant Millennium Advisors LLC lifted its position in Otis Worldwide by 8.5% in the 1st quarter. Worldquant Millennium Advisors LLC now owns 216,920 shares of the company’s stock valued at $16,692,000 after purchasing an additional 17,048 shares during the last quarter. Walleye Capital LLC bought a new stake in Otis Worldwide in the 1st quarter valued at about $21,459,000. Mirabella Financial Services LLP lifted its position in Otis Worldwide by 202.6% in the 1st quarter. Mirabella Financial Services LLP now owns 19,991 shares of the company’s stock valued at $1,538,000 after purchasing an additional 13,385 shares during the last quarter. Lido Advisors LLC lifted its position in Otis Worldwide by 8.3% in the 1st quarter. Lido Advisors LLC now owns 3,172 shares of the company’s stock valued at $244,000 after purchasing an additional 242 shares during the last quarter. Finally, Alyeska Investment Group L.P. bought a new stake in Otis Worldwide in the 1st quarter valued at about $19,978,000. 83.16% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $69.85 on Thursday. The firm’s 50 day simple moving average is $74.88 and its 200-day simple moving average is $74.50. The company has a market cap of $29.35 billion, a P/E ratio of 24.00 and a beta of 0.91. Otis Worldwide Co. has a fifty-two week low of $66.97 and a fifty-two week high of $90.58.

Otis Worldwide (NYSE:OTISGet Rating) last released its earnings results on Wednesday, July 27th. The company reported $0.86 earnings per share for the quarter, topping 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 business had revenue of $3.49 billion for the quarter, compared to the consensus estimate of $3.56 billion. During the same period last year, the firm posted $0.79 earnings per share. The firm’s quarterly revenue was down 5.8% compared to the same quarter last year. On average, analysts expect that Otis Worldwide Co. will post 3.2 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Saturday, September 10th. Investors of record on Friday, August 19th were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date was Thursday, August 18th. Otis Worldwide’s payout ratio is presently 39.86%.

Analysts Set New Price Targets

OTIS has been the topic of several recent research reports. BNP Paribas downgraded shares of Otis Worldwide from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $95.00 to $80.00 in a research report on Tuesday, July 5th. JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $100.00 to $62.00 in a research report on Thursday, July 7th. Credit Suisse Group boosted their price target 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. Exane BNP Paribas downgraded shares of Otis Worldwide from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $95.00 to $80.00 in a research report on Tuesday, July 5th. Finally, Berenberg Bank dropped their price target on shares of Otis Worldwide from $88.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, June 22nd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $77.40.

Insider Activity at Otis Worldwide

In related news, CFO Rahul Ghai sold 2,618 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 7,063 shares of the company’s stock, valued at $554,798.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Otis Worldwide news, EVP Nora E. Lafreniere sold 13,576 shares of the business’s 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 directly owns 12,376 shares of the company’s stock, valued at $947,259.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Rahul Ghai sold 2,618 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $78.55, for a total transaction of $205,643.90. Following the completion of the sale, the chief financial officer now directly owns 7,063 shares of the company’s stock, valued at $554,798.65. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by insiders.

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.

See Also

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

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