Sumitomo Mitsui Trust Holdings Inc. Sells 77,725 Shares of Otis Worldwide Co. (NYSE:OTIS)

Sumitomo Mitsui Trust Holdings Inc. lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 931,453 shares of the company’s stock after selling 77,725 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.23% of Otis Worldwide worth $89,662,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Norges Bank bought a new stake in Otis Worldwide during the 4th quarter worth approximately $628,855,000. Vanguard Group Inc. raised its position in shares of Otis Worldwide by 14.8% during the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after purchasing an additional 5,913,933 shares during the period. PineStone Asset Management Inc. lifted its stake in shares of Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after buying an additional 2,590,780 shares in the last quarter. Putnam Investments LLC boosted its holdings in Otis Worldwide by 20.1% in the 4th quarter. Putnam Investments LLC now owns 2,409,345 shares of the company’s stock worth $215,564,000 after buying an additional 403,215 shares during the period. Finally, Clean Energy Transition LLP purchased a new stake in Otis Worldwide in the 4th quarter worth $30,337,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS opened at $92.12 on Monday. The stock has a market capitalization of $36.90 billion, a price-to-earnings ratio of 26.62 and a beta of 1.03. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84. The business’s 50 day simple moving average is $95.76 and its 200-day simple moving average is $95.71.

Otis Worldwide (NYSE:OTIS) last released its quarterly 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 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 the consensus estimate of $3.74 billion. During the same quarter in the prior year, the firm earned $0.92 earnings per share. Otis Worldwide’s revenue was down 3.2% on a year-over-year basis. On average, sell-side analysts expect that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Friday, August 16th will be given a $0.39 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.56 annualized dividend and a yield of 1.69%. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on OTIS shares. Wells Fargo & Company dropped their price objective on 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. Argus increased their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a report on Monday, May 13th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $98.83.

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.