First Foundation Advisors Sells 477 Shares of Otis Worldwide Co. (NYSE:OTIS)

First Foundation Advisors decreased its holdings in Otis Worldwide Co. (NYSE:OTIS) by 13.5% during the 2nd quarter, HoldingsChannel reports. The firm owned 3,059 shares of the company’s stock after selling 477 shares during the quarter. First Foundation Advisors’ holdings in Otis Worldwide were worth $294,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Otis Worldwide by 14.8% in the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after purchasing an additional 5,913,933 shares during the last quarter. Norges Bank acquired a new stake in shares of Otis Worldwide during the 4th quarter valued at $628,855,000. PineStone Asset Management Inc. boosted its holdings in shares of Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after acquiring an additional 2,590,780 shares in the last quarter. Sarasin & Partners LLP boosted its holdings in shares of Otis Worldwide by 27.2% during the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after acquiring an additional 883,659 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings 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 acquiring an additional 126,684 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on OTIS shares. Morgan Stanley started coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Wells Fargo & Company cut their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $98.57.

Otis Worldwide Trading Up 0.5 %

Shares of OTIS opened at $92.15 on Wednesday. The company has a market capitalization of $37.26 billion, a PE ratio of 26.63 and a beta of 1.03. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.84. The stock’s 50-day moving average price is $94.70 and its two-hundred day moving average price is $95.96.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, topping the consensus estimate of $1.03 by $0.03. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.92 EPS. Equities research analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio is 45.09%.

Otis Worldwide 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.