Sheets Smith Wealth Management Sells 200 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Sheets Smith Wealth Management trimmed its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 0.4% during the 1st quarter, Holdings Channel reports. The fund owned 56,162 shares of the company’s stock after selling 200 shares during the period. Sheets Smith Wealth Management’s holdings in Otis Worldwide were worth $5,796,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its holdings in shares of Otis Worldwide by 26.5% in the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company’s stock valued at $3,289,868,000 after buying an additional 7,447,860 shares in the last quarter. Norges Bank bought a new stake in shares of Otis Worldwide in the 4th quarter valued at about $649,883,000. GAMMA Investing LLC boosted its holdings in shares of Otis Worldwide by 12,162.8% in the 1st quarter. GAMMA Investing LLC now owns 820,750 shares of the company’s stock valued at $84,701,000 after buying an additional 814,057 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Otis Worldwide in the 4th quarter valued at about $66,962,000. Finally, Northern Trust Corp boosted its holdings in shares of Otis Worldwide by 12.3% in the 4th quarter. Northern Trust Corp now owns 4,577,626 shares of the company’s stock valued at $423,934,000 after buying an additional 501,016 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $96.04 on Tuesday. The stock has a market capitalization of $37.91 billion, a price-to-earnings ratio of 25.21 and a beta of 0.98. Otis Worldwide Corporation has a 12 month low of $89.70 and a 12 month high of $106.83. The firm’s 50 day simple moving average is $96.28 and its 200-day simple moving average is $96.73.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The firm had revenue of $3.35 billion for the quarter, compared to analysts’ expectations of $3.41 billion. During the same quarter last year, the company earned $0.88 EPS. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. Analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.75%. The ex-dividend date of this dividend was Friday, May 16th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s payout ratio is 44.09%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of recent analyst reports. Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th. Barclays lowered their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Friday, April 25th. JPMorgan Chase & Co. raised their price target on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, May 16th. Finally, Royal Bank Of Canada lowered their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $100.71.

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.