HBK Sorce Advisory LLC Decreases Position in Otis Worldwide Co. (NYSE:OTIS)

HBK Sorce Advisory LLC trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 10.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,072 shares of the company’s stock after selling 480 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Otis Worldwide were worth $392,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Envestnet Portfolio Solutions Inc. grew its stake in shares of Otis Worldwide by 8.7% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 18,729 shares of the company’s stock worth $1,676,000 after acquiring an additional 1,501 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of Otis Worldwide by 14.7% during the fourth quarter. Quadrant Capital Group LLC now owns 3,709 shares of the company’s stock worth $332,000 after purchasing an additional 476 shares during the period. First Eagle Investment Management LLC boosted its position in Otis Worldwide by 18,684.6% in the fourth quarter. First Eagle Investment Management LLC now owns 7,326 shares of the company’s stock valued at $655,000 after buying an additional 7,287 shares during the last quarter. Norges Bank acquired a new position in Otis Worldwide in the 4th quarter worth approximately $628,855,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Otis Worldwide during the 4th quarter worth approximately $2,577,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Morgan Stanley started coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective on the stock. Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 25th. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $98.57.

Otis Worldwide Stock Performance

OTIS stock opened at $94.18 on Friday. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.84. The firm’s fifty day moving average is $94.49 and its 200 day moving average is $95.93. The firm has a market cap of $38.08 billion, a PE ratio of 27.22 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period last year, the firm earned $0.92 EPS. 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 disclosed a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 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.