New York State Teachers Retirement System Lowers Stock Position in Otis Worldwide Co. (NYSE:OTIS)

New York State Teachers Retirement System lowered its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 317,687 shares of the company’s stock after selling 20,857 shares during the quarter. New York State Teachers Retirement System’s holdings in Otis Worldwide were worth $33,020,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Hancock Whitney Corp raised its position in shares of Otis Worldwide by 4.6% in the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock worth $253,000 after purchasing an additional 111 shares during the last quarter. Bleakley Financial Group LLC raised its position in Otis Worldwide by 1.2% in the 1st quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock worth $965,000 after buying an additional 117 shares during the last quarter. Brighton Jones LLC raised its position in Otis Worldwide by 5.0% in the 2nd quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock worth $248,000 after buying an additional 124 shares during the last quarter. Park Avenue Securities LLC raised its position in Otis Worldwide by 0.9% in the 2nd quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock worth $1,437,000 after buying an additional 127 shares during the last quarter. Finally, Clearstead Trust LLC raised its position in Otis Worldwide by 15.3% in the 1st quarter. Clearstead Trust LLC now owns 1,018 shares of the company’s stock worth $101,000 after buying an additional 135 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Down 0.1 %

Shares of NYSE:OTIS opened at $98.20 on Friday. The stock has a 50 day moving average of $99.01 and a 200 day moving average of $96.87. The company has a market cap of $39.33 billion, a PE ratio of 28.38 and a beta of 1.03. Otis Worldwide Co. has a 12-month low of $76.22 and a 12-month high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The company’s revenue was up .7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.95 earnings per share. 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 firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.59%. Otis Worldwide’s payout ratio is 45.09%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on OTIS. Wells Fargo & Company decreased their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research report on Thursday. Morgan Stanley assumed 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. Barclays cut their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday. Finally, Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $102.00.

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.