Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Wealthspire Advisors LLC

Wealthspire Advisors LLC reduced its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 46.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,342 shares of the company’s stock after selling 2,046 shares during the period. Wealthspire Advisors LLC’s holdings in Otis Worldwide were worth $225,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OTIS. Vanguard Group Inc. grew its stake in Otis Worldwide by 14.8% in the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after acquiring an additional 5,913,933 shares during the period. PineStone Asset Management Inc. grew its stake in Otis Worldwide by 138.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after acquiring an additional 2,590,780 shares during the period. Sarasin & Partners LLP grew its stake in Otis Worldwide by 27.2% in the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after acquiring an additional 883,659 shares during the period. Putnam Investments LLC grew its stake 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 acquiring 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 approximately $30,337,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Trading Up 1.4 %

NYSE:OTIS opened at $96.09 on Wednesday. The firm has a market capitalization of $38.49 billion, a price-to-earnings ratio of 27.77 and a beta of 1.03. The firm’s fifty day simple moving average is $94.44 and its 200 day simple moving average is $95.93. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month 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, beating the consensus estimate of $1.03 by $0.03. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The business’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.92 EPS. On average, analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.62%. Otis Worldwide’s payout ratio is 45.09%.

Analyst Ratings Changes

Several analysts have commented on the stock. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Wells Fargo & Company lowered their price objective 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. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $98.57.

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.