First City Capital Management Inc. Has $231,000 Position in Otis Worldwide Co. (NYSE:OTIS)

First City Capital Management Inc. lessened its stake in Otis Worldwide Co. (NYSE:OTIS) by 11.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,400 shares of the company’s stock after selling 300 shares during the period. First City Capital Management Inc.’s holdings in Otis Worldwide were worth $231,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Nordea Investment Management AB raised its stake in shares of Otis Worldwide by 19.6% in the 1st quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock valued at $46,138,000 after buying an additional 75,878 shares in the last quarter. First Eagle Investment Management LLC boosted its stake in Otis Worldwide by 173.7% in the 1st quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock valued at $1,990,000 after buying an additional 12,722 shares in the last quarter. CIBC Asset Management Inc grew its holdings in shares of Otis Worldwide by 29.5% in the 4th quarter. CIBC Asset Management Inc now owns 144,536 shares of the company’s stock worth $12,932,000 after purchasing an additional 32,886 shares during the last quarter. Cetera Investment Advisers boosted its holdings in shares of Otis Worldwide by 259.1% in the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock worth $4,603,000 after acquiring an additional 33,457 shares in the last quarter. Finally, Cloverfields Capital Group LP grew its position in Otis Worldwide by 212.2% during the 4th quarter. Cloverfields Capital Group LP now owns 91,737 shares of the company’s stock worth $8,208,000 after acquiring an additional 62,350 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Royal Bank of Canada restated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday. 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 research note on Thursday, July 25th. Finally, Morgan Stanley began coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $100.00.

Otis Worldwide Trading Down 0.9 %

Otis Worldwide stock opened at $95.52 on Friday. The firm has a market capitalization of $38.26 billion, a P/E ratio of 27.61 and a beta of 1.03. The business has a 50-day moving average of $94.23 and a 200-day moving average of $95.92. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84.

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

Otis Worldwide Announces Dividend

The firm 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 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 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.