Intech Investment Management LLC Reduces Position in Otis Worldwide Co. (NYSE:OTIS)

Intech Investment Management LLC trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 19.7% during the second quarter, Holdings Channel reports. The fund owned 31,497 shares of the company’s stock after selling 7,718 shares during the quarter. Intech Investment Management LLC’s holdings in Otis Worldwide were worth $3,032,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of OTIS. Wells Fargo & Company MN increased its position in shares of Otis Worldwide by 0.8% during the fourth quarter. Wells Fargo & Company MN now owns 626,857 shares of the company’s stock worth $56,085,000 after acquiring an additional 4,979 shares during the last quarter. Congress Wealth Management LLC DE acquired a new position in Otis Worldwide in the fourth quarter worth about $215,000. Nomura Asset Management Co. Ltd. grew its stake in Otis Worldwide by 1.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 145,812 shares of the company’s stock worth $13,046,000 after purchasing an additional 2,361 shares in the last quarter. Johnson Financial Group Inc. grew its stake in Otis Worldwide by 1,454.9% in the fourth quarter. Johnson Financial Group Inc. now owns 2,379 shares of the company’s stock worth $213,000 after purchasing an additional 2,226 shares in the last quarter. Finally, Hsbc Holdings PLC grew its stake in Otis Worldwide by 25.9% in the fourth quarter. Hsbc Holdings PLC now owns 702,517 shares of the company’s stock worth $62,885,000 after purchasing an additional 144,449 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Down 0.9 %

Shares of OTIS stock opened at $95.52 on Monday. The business has a 50 day moving average of $94.23 and a two-hundred day moving average of $95.93. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.84. The company has a market cap of $38.26 billion, a P/E ratio of 27.61 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its 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 negative return on equity of 31.65% and a net margin of 10.35%. The company 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 earnings per share. Otis Worldwide’s quarterly revenue was down 3.2% compared to the same quarter last year. Analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.63%. Otis Worldwide’s payout ratio is currently 45.09%.

Analyst Ratings Changes

A number of equities analysts recently commented on OTIS shares. Wells Fargo & Company decreased their price target 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. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday. Finally, Morgan Stanley started coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $100.00.

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.