Otis Worldwide Corporation (NYSE:OTIS) Shares Sold by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC lessened its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 6.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 53,507 shares of the company’s stock after selling 3,840 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Otis Worldwide were worth $5,522,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. Simon Quick Advisors LLC purchased a new stake in shares of Otis Worldwide in the first quarter valued at approximately $443,000. SG Americas Securities LLC purchased a new stake in Otis Worldwide in the 1st quarter valued at $2,533,000. Quintet Private Bank Europe S.A. grew its holdings in Otis Worldwide by 3.4% in the 1st quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company’s stock valued at $29,921,000 after buying an additional 9,467 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Otis Worldwide by 362.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company’s stock worth $45,294,000 after acquiring an additional 343,987 shares during the last quarter. Finally, SVB Wealth LLC acquired a new stake in shares of Otis Worldwide in the 4th quarter worth $337,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

NYSE OTIS opened at $94.02 on Monday. The stock has a market capitalization of $37.11 billion, a P/E ratio of 24.68 and a beta of 0.98. The firm’s 50-day moving average is $96.33 and its two-hundred day moving average is $96.76. Otis Worldwide Corporation has a 12 month low of $89.70 and a 12 month high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.01. The business had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The business’s revenue was down 2.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.88 EPS. As a group, analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.79%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide’s dividend payout ratio is 44.09%.

Analysts Set New Price Targets

OTIS has been the topic of several recent research reports. Royal Bank Of Canada lowered their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Barclays decreased their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Friday, April 25th. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, April 24th. Finally, JPMorgan Chase & Co. upped their price objective on Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, May 16th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $100.71.

About Otis Worldwide

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of 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.