Pacer Advisors Inc. Sells 3,624 Shares of Otis Worldwide Co. (NYSE:OTIS)

Pacer Advisors Inc. trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.3% in the second quarter, according to its most recent filing with the SEC. The firm owned 54,269 shares of the company’s stock after selling 3,624 shares during the period. Pacer Advisors Inc.’s holdings in Otis Worldwide were worth $5,224,000 as of its most recent filing with the SEC.

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

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Morgan Stanley initiated coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Otis Worldwide has an average rating of “Hold” and an average target price of $100.00.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $96.25 on Tuesday. The firm has a 50 day simple moving average of $94.23 and a 200 day simple moving average of $95.94. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.84. The firm has a market cap of $38.92 billion, a P/E ratio of 27.82 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.92 earnings per share. On average, sell-side analysts expect 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. Stockholders of record on Friday, August 16th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend 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.