Principal Financial Group Inc. Sells 3,882 Shares of Otis Worldwide Co. (NYSE:OTIS)

Principal Financial Group Inc. decreased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 464,783 shares of the company’s stock after selling 3,882 shares during the quarter. Principal Financial Group Inc. owned 0.11% of Otis Worldwide worth $44,740,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Crewe Advisors LLC raised its stake in Otis Worldwide by 11.7% during the second quarter. Crewe Advisors LLC now owns 1,473 shares of the company’s stock worth $142,000 after acquiring an additional 154 shares in the last quarter. UMB Bank n.a. raised its stake in Otis Worldwide by 4.0% during the second quarter. UMB Bank n.a. now owns 5,091 shares of the company’s stock worth $490,000 after acquiring an additional 196 shares in the last quarter. William Allan Corp raised its stake in Otis Worldwide by 0.4% during the second quarter. William Allan Corp now owns 47,074 shares of the company’s stock worth $4,531,000 after acquiring an additional 202 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Otis Worldwide by 13.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 129,478 shares of the company’s stock worth $12,464,000 after acquiring an additional 15,578 shares in the last quarter. Finally, Lazard Freres Gestion S.A.S. increased its stake in shares of Otis Worldwide by 0.3% in the second quarter. Lazard Freres Gestion S.A.S. now owns 1,038,819 shares of the company’s stock valued at $97,929,000 after buying an additional 3,371 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on OTIS. Wells Fargo & Company lowered their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, July 25th. Argus upped their price objective on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $98.83.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $94.69 on Friday. The business’s 50 day simple moving average is $95.10 and its 200 day simple moving average is $95.82. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.84. The stock has a market capitalization of $38.29 billion, a PE ratio of 27.37 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. During the same period in the prior year, the business posted $0.92 earnings per share. The firm’s revenue was down 3.2% on a year-over-year basis. As a group, research analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date is Friday, August 16th. Otis Worldwide’s payout ratio is 45.09%.

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.