Crestwood Advisors Group LLC Has $349,000 Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Crestwood Advisors Group LLC lowered its holdings in Otis Worldwide Co. (NYSE:OTISGet Rating) by 6.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,936 shares of the company’s stock after selling 349 shares during the quarter. Crestwood Advisors Group LLC’s holdings in Otis Worldwide were worth $349,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OTIS. Norges Bank bought a new stake in shares of Otis Worldwide in the 4th quarter worth approximately $335,180,000. Viking Global Investors LP bought a new stake in shares of Otis Worldwide in the 1st quarter worth approximately $272,262,000. Wellington Management Group LLP lifted its position in shares of Otis Worldwide by 54.3% in the 1st quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock worth $324,857,000 after acquiring an additional 1,484,963 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Otis Worldwide by 66.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,453,735 shares of the company’s stock worth $265,764,000 after acquiring an additional 1,384,353 shares during the period. Finally, Lazard Freres Gestion S.A.S. bought a new stake in shares of Otis Worldwide in the 1st quarter worth approximately $99,844,000. Institutional investors and hedge funds own 83.16% of the company’s stock.

Otis Worldwide Stock Performance

Shares of OTIS opened at $67.80 on Friday. The stock has a fifty day moving average price of $74.81 and a two-hundred day moving average price of $74.33. Otis Worldwide Co. has a 52-week low of $66.97 and a 52-week high of $88.22. The company has a market cap of $28.49 billion, a price-to-earnings ratio of 23.30 and a beta of 0.91.

Otis Worldwide (NYSE:OTISGet Rating) last released its earnings results on Wednesday, July 27th. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.78 by $0.08. The company had revenue of $3.49 billion during 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 business’s revenue for the quarter was down 5.8% on a year-over-year basis. During the same period last year, the firm earned $0.79 EPS. As a group, research analysts predict that Otis Worldwide Co. will post 3.2 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Saturday, September 10th. Stockholders of record on Friday, August 19th were paid a $0.29 dividend. The ex-dividend date was Thursday, August 18th. This represents a $1.16 annualized dividend and a dividend yield of 1.71%. Otis Worldwide’s dividend payout ratio (DPR) is currently 39.86%.

Insider Activity

In other news, 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 completion of the sale, the chief financial officer now directly owns 7,063 shares of the company’s stock, valued at approximately $554,798.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, 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 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, 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 value 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 $947,259.04. The disclosure for this sale can be found here. Insiders own 0.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on OTIS shares. Barclays cut their target price 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. 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 report on Thursday, July 28th. JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $100.00 to $62.00 in a research report on Thursday, July 7th. Credit Suisse Group raised their target price on Otis Worldwide from $79.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, July 28th. Finally, Exane BNP Paribas downgraded Otis Worldwide from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $95.00 to $80.00 in a research report on Tuesday, July 5th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $77.40.

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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