Private Advisor Group LLC Sells 1,455 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Private Advisor Group LLC lowered its stake in Otis Worldwide Corporation (NYSE:OTIS) by 6.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,949 shares of the company’s stock after selling 1,455 shares during the period. Private Advisor Group LLC’s holdings in Otis Worldwide were worth $2,059,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Simon Quick Advisors LLC bought a new stake in Otis Worldwide in the first quarter valued at $443,000. SG Americas Securities LLC bought a new stake in shares of Otis Worldwide during the 1st quarter valued at $2,533,000. Quintet Private Bank Europe S.A. boosted its holdings in shares of Otis Worldwide by 3.4% during 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. boosted its holdings in shares of Otis Worldwide by 362.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company’s stock valued at $45,294,000 after buying an additional 343,987 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC bought a new stake in shares of Otis Worldwide during the 1st quarter valued at $225,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

OTIS opened at $89.29 on Friday. The stock has a 50-day moving average price of $97.14 and a 200-day moving average price of $97.26. The firm has a market cap of $35.24 billion, a PE ratio of 23.62, a P/E/G ratio of 2.40 and a beta of 0.98. Otis Worldwide Corporation has a 1 year low of $86.00 and a 1 year high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.02. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. During the same quarter in the previous year, the firm earned $1.06 EPS. Otis Worldwide’s revenue was down .2% on a year-over-year basis. As a group, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.88%. Otis Worldwide’s dividend payout ratio (DPR) is 44.09%.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of research reports. Royal Bank Of Canada dropped their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. JPMorgan Chase & Co. dropped their target price on shares of Otis Worldwide from $109.00 to $101.00 and set an “overweight” rating on the stock in a report on Thursday. Barclays dropped 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 Thursday. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $100.00 to $93.00 and set an “equal weight” rating on the stock in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Otis Worldwide in a research report on Monday, July 14th. They issued a “hold” rating and a $109.00 price target for the company. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $102.50.

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.