Global Retirement Partners LLC Trims Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Global Retirement Partners LLC reduced its stake in Otis Worldwide Co. (NYSE:OTIS) by 9.3% during the 3rd quarter, Holdings Channel reports. The fund owned 3,683 shares of the company’s stock after selling 379 shares during the period. Global Retirement Partners LLC’s holdings in Otis Worldwide were worth $383,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in OTIS. PineStone Asset Management Inc. increased its stake in Otis Worldwide by 138.3% in the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after purchasing an additional 2,590,780 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after purchasing an additional 907,972 shares during the last quarter. Sarasin & Partners LLP increased its stake in Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after purchasing an additional 883,659 shares during the last quarter. Brown Brothers Harriman & Co. increased its stake in Otis Worldwide by 2,782.3% in the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock valued at $78,469,000 after purchasing an additional 786,897 shares during the last quarter. Finally, Swedbank AB acquired a new position in Otis Worldwide in the first quarter valued at $21,932,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on OTIS shares. Barclays upped their target price on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company upped their price target on Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Morgan Stanley began coverage on Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target for the company. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $102.71.

Otis Worldwide Stock Performance

OTIS stock opened at $105.52 on Tuesday. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $106.33. The firm has a market cap of $42.66 billion, a P/E ratio of 30.50 and a beta of 1.03. The stock has a 50-day simple moving average of $97.69 and a 200-day simple moving average of $96.67.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (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 business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. During the same quarter last year, the firm earned $0.92 earnings per share. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, equities research analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio is currently 45.09%.

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.