Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lessened its holdings in Otis Worldwide Co. (NYSE:OTIS) by 3.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,787 shares of the company’s stock after selling 1,387 shares during the period. Thrivent Financial for Lutherans’ holdings in Otis Worldwide were worth $3,252,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. TD Asset Management Inc increased its holdings in Otis Worldwide by 8.0% in the 4th quarter. TD Asset Management Inc now owns 158,256 shares of the company’s stock valued at $14,159,000 after purchasing an additional 11,664 shares during the last quarter. Focus Financial Network Inc. ADV acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at $312,000. Allianz Asset Management GmbH raised its holdings in shares of Otis Worldwide by 12.1% in the 4th quarter. Allianz Asset Management GmbH now owns 98,480 shares of the company’s stock valued at $8,811,000 after buying an additional 10,652 shares during the period. TFO Wealth Partners LLC raised its holdings in shares of Otis Worldwide by 10,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 420 shares of the company’s stock valued at $38,000 after buying an additional 416 shares during the period. Finally, Dorsey & Whitney Trust CO LLC acquired a new position in Otis Worldwide during the 4th quarter worth about $212,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

OTIS has been the topic of several research reports. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Wells Fargo & Company cut their target price on shares of 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. Finally, Morgan Stanley started coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide has an average rating of “Hold” and an average price target of $100.00.

Otis Worldwide Trading Up 1.0 %

OTIS stock opened at $104.43 on Monday. The company’s 50-day moving average price is $94.39 and its 200 day moving average price is $96.05. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $105.24. The company has a market cap of $41.83 billion, a P/E ratio of 30.18 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The business 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 business’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter last year, the business posted $0.92 earnings per share. On average, equities research analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.49%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s 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.