Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co lowered its position in Otis Worldwide Co. (NYSE:OTIS) by 6.8% in the second quarter, Holdings Channel.com reports. The firm owned 34,945 shares of the company’s stock after selling 2,551 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Otis Worldwide were worth $3,364,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Nordea Investment Management AB lifted its position in Otis Worldwide by 19.6% in the first quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock valued at $46,138,000 after purchasing an additional 75,878 shares during the period. First Eagle Investment Management LLC lifted its position in Otis Worldwide by 173.7% in the first quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock valued at $1,990,000 after purchasing an additional 12,722 shares during the period. CIBC Asset Management Inc lifted its position in Otis Worldwide by 29.5% in the fourth quarter. CIBC Asset Management Inc now owns 144,536 shares of the company’s stock valued at $12,932,000 after purchasing an additional 32,886 shares during the period. Cetera Investment Advisers lifted its position in Otis Worldwide by 259.1% in the first quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after purchasing an additional 33,457 shares during the period. Finally, Cloverfields Capital Group LP lifted its position in Otis Worldwide by 212.2% in the fourth quarter. Cloverfields Capital Group LP now owns 91,737 shares of the company’s stock valued at $8,208,000 after purchasing an additional 62,350 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Down 2.2 %

OTIS stock opened at $93.99 on Thursday. The firm has a 50 day moving average of $94.38 and a 200-day moving average of $95.92. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84. The company has a market cap of $38.00 billion, a price-to-earnings ratio of 27.16 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same period in the previous year, the firm posted $0.92 EPS. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. Sell-side analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.66%. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Analyst Ratings Changes

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