Varma Mutual Pension Insurance Co Sells 45,838 Shares of Otis Worldwide Co. (NYSE:OTIS)

Varma Mutual Pension Insurance Co decreased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 37.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 77,842 shares of the company’s stock after selling 45,838 shares during the period. Varma Mutual Pension Insurance Co’s holdings in Otis Worldwide were worth $7,493,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of OTIS. Vanguard Group Inc. raised its holdings in shares of Otis Worldwide by 14.8% during the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after acquiring an additional 5,913,933 shares in the last quarter. Norges Bank purchased a new position in Otis Worldwide during the 4th quarter valued at $628,855,000. PineStone Asset Management Inc. raised its holdings in Otis Worldwide by 138.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after purchasing an additional 2,590,780 shares in the last quarter. Sarasin & Partners LLP lifted its position in shares of Otis Worldwide by 27.2% in the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after purchasing an additional 883,659 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Otis Worldwide by 4.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company’s stock valued at $316,782,000 after purchasing an additional 126,684 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $91.67 on Tuesday. The stock has a market cap of $37.06 billion, a price-to-earnings ratio of 26.49 and a beta of 1.03. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84. The firm’s 50-day moving average is $94.78 and its 200 day moving average is $95.97.

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

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.70%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Wall Street Analyst Weigh In

OTIS has been the subject of several research analyst reports. Argus raised their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Morgan Stanley started coverage on Otis Worldwide in a research note on Friday. They issued an “equal weight” rating and a $97.00 target price for the company. Finally, Wells Fargo & Company reduced their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 25th. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $98.57.

Otis Worldwide Company Profile

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.