Baird Financial Group Inc. Sells 1,853 Shares of Otis Worldwide Co. (NYSE:OTIS)

Baird Financial Group Inc. lessened its stake in shares of Otis Worldwide Co. (NYSE:OTISGet Rating) by 4.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 40,836 shares of the company’s stock after selling 1,853 shares during the period. Baird Financial Group Inc.’s holdings in Otis Worldwide were worth $2,886,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. LFA Lugano Financial Advisors SA bought a new position in Otis Worldwide in the first quarter worth approximately $27,000. Castle Wealth Management LLC bought a new position in Otis Worldwide in the second quarter worth approximately $32,000. Atticus Wealth Management LLC raised its stake in Otis Worldwide by 735.1% in the second quarter. Atticus Wealth Management LLC now owns 476 shares of the company’s stock worth $34,000 after buying an additional 419 shares in the last quarter. BerganKDV Wealth Management LLC raised its stake in Otis Worldwide by 69.5% in the second quarter. BerganKDV Wealth Management LLC now owns 556 shares of the company’s stock worth $39,000 after buying an additional 228 shares in the last quarter. Finally, Riverview Trust Co raised its stake in Otis Worldwide by 128.5% in the second quarter. Riverview Trust Co now owns 690 shares of the company’s stock worth $48,000 after buying an additional 388 shares in the last quarter. Institutional investors own 83.16% of the company’s stock.

Analyst Ratings Changes

OTIS has been the subject of a number of recent research reports. Credit Suisse Group boosted their price objective on shares of Otis Worldwide from $73.00 to $76.00 and gave the stock a “neutral” rating in a research note on Thursday, October 27th. Argus downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Monday, November 7th. Wells Fargo & Company reduced their price target on Otis Worldwide from $70.00 to $65.00 and set an “underweight” rating on the stock in a research report on Thursday, October 27th. Finally, Barclays reduced their price target on Otis Worldwide from $83.00 to $80.00 and set an “overweight” rating on the stock in a research report on Monday, October 3rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $77.00.

Otis Worldwide Price Performance

Shares of OTIS opened at $78.71 on Wednesday. The firm has a market capitalization of $32.79 billion, a PE ratio of 27.06 and a beta of 0.98. Otis Worldwide Co. has a 1-year low of $62.49 and a 1-year high of $88.22. The company’s fifty day moving average price is $68.79 and its 200-day moving average price is $72.13.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, December 10th. Stockholders of record on Friday, November 18th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date is Thursday, November 17th. Otis Worldwide’s dividend payout ratio (DPR) is presently 39.86%.

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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