B. Riley Wealth Advisors Inc. Sells 1,374 Shares of Otis Worldwide Co. (NYSE:OTIS)

B. Riley Wealth Advisors Inc. lowered its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 17.1% in the 2nd quarter, HoldingsChannel reports. The firm owned 6,671 shares of the company’s stock after selling 1,374 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Otis Worldwide were worth $642,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Otis Worldwide by 14.8% in the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after acquiring an additional 5,913,933 shares during the last quarter. PineStone Asset Management Inc. lifted its stake in shares of Otis Worldwide by 138.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after acquiring an additional 2,590,780 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Otis Worldwide by 12.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after acquiring an additional 907,972 shares during the last quarter. Sarasin & Partners LLP increased its holdings in Otis Worldwide by 27.2% during the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after purchasing an additional 883,659 shares during the period. Finally, Brown Brothers Harriman & Co. increased its holdings in Otis Worldwide by 2,782.3% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock valued at $78,469,000 after purchasing an additional 786,897 shares during the period. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.2 %

Otis Worldwide stock opened at $104.56 on Friday. The company has a market capitalization of $42.28 billion, a P/E ratio of 30.22 and a beta of 1.03. The stock’s 50 day moving average is $95.30 and its 200 day moving average is $96.29. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $105.39.

Otis Worldwide (NYSE:OTIS) last posted its quarterly 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. The company had revenue of $3.60 billion for 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% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.92 EPS. As a group, equities analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Dividend Announcement

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 dividend of $0.39 per share. The ex-dividend date was Friday, August 16th. This represents a $1.56 annualized dividend and a yield of 1.49%. Otis Worldwide’s dividend payout ratio is 45.09%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on OTIS shares. Morgan Stanley started coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. Wells Fargo & Company reduced their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. Barclays boosted their price target on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $100.86.

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.