Hsbc Holdings PLC Lowers Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Hsbc Holdings PLC cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 20.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 638,139 shares of the company’s stock after selling 163,508 shares during the quarter. Hsbc Holdings PLC’s holdings in Otis Worldwide were worth $61,423,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of OTIS. Meeder Asset Management Inc. lifted its holdings in shares of Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after buying an additional 196 shares during the period. Jamison Private Wealth Management Inc. boosted its position in shares of Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after purchasing an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC increased its holdings in shares of Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares in the last quarter. Hantz Financial Services Inc. acquired a new stake in shares of Otis Worldwide in the second quarter valued at about $29,000. Finally, LifeSteps Financial Inc. purchased a new stake in Otis Worldwide during the first quarter worth about $31,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday. Finally, Morgan Stanley began coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $100.00.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $96.41 on Friday. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.84. The stock has a market cap of $38.98 billion, a PE ratio of 27.86 and a beta of 1.03. The business’s fifty day moving average price is $94.38 and its two-hundred day moving average price is $95.92.

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

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.62%. The ex-dividend date was 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.