Aprio Wealth Management LLC Decreases Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Aprio Wealth Management LLC cut its stake in Otis Worldwide Co. (NYSE:OTIS) by 8.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,724 shares of the company’s stock after selling 254 shares during the quarter. Aprio Wealth Management LLC’s holdings in Otis Worldwide were worth $283,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake 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. Massachusetts Financial Services Co. MA raised its stake in shares of Otis Worldwide by 12.4% during 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 purchasing an additional 907,972 shares during the period. PineStone Asset Management Inc. raised 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 purchasing an additional 2,590,780 shares during the period. Sarasin & Partners LLP raised its stake in shares of 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, Legal & General Group Plc raised its stake in shares of Otis Worldwide by 0.4% during the 2nd quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock valued at $352,351,000 after purchasing an additional 15,021 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Morgan Stanley assumed coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Wells Fargo & Company upped their target price on Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Monday. Barclays upped their price objective on Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $102.71.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $101.14 on Wednesday. The stock has a market capitalization of $40.51 billion, a PE ratio of 29.23 and a beta of 1.03. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $105.39. The business has a 50-day moving average of $95.52 and a 200 day moving average of $96.28.

Otis Worldwide (NYSE:OTIS) last issued 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 company had revenue of $3.60 billion during 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%. Otis Worldwide’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.92 EPS. Analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s payout ratio is 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.