Otis Worldwide Corporation (NYSE:OTIS) Shares Sold by TIAA Trust National Association

TIAA Trust National Association decreased its position in Otis Worldwide Corporation (NYSE:OTIS) by 6.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,012 shares of the company’s stock after selling 962 shares during the period. TIAA Trust National Association’s holdings in Otis Worldwide were worth $1,446,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in OTIS. Transce3nd LLC purchased a new stake in Otis Worldwide during the fourth quarter worth about $25,000. NBC Securities Inc. purchased a new stake in shares of Otis Worldwide during the 1st quarter worth approximately $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Otis Worldwide in the 4th quarter worth approximately $28,000. Wayfinding Financial LLC acquired a new stake in shares of Otis Worldwide in the 1st quarter worth approximately $31,000. Finally, Orion Capital Management LLC purchased a new position in Otis Worldwide in the 4th quarter valued at approximately $35,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

NYSE:OTIS opened at $85.37 on Tuesday. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The firm has a 50 day simple moving average of $95.61 and a 200-day simple moving average of $97.07. The firm has a market cap of $33.50 billion, a PE ratio of 22.58, a P/E/G ratio of 4.08 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.02. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same period in the previous year, the firm posted $1.06 EPS. Otis Worldwide’s revenue was down .2% on a year-over-year basis. As a group, sell-side analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be issued a $0.42 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.68 annualized dividend and a yield of 2.0%. Otis Worldwide’s payout ratio is 44.44%.

Analysts Set New Price Targets

A number of analysts have commented on OTIS shares. Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $93.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 24th. Wolfe Research upgraded shares of Otis Worldwide from an “underperform” rating to a “peer perform” rating in a research report on Friday, July 25th. Barclays lowered their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research note on Thursday, July 24th. Morgan Stanley lifted their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 8th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They issued a “hold” rating and a $109.00 price target on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $102.50.

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.