Otis Worldwide Corporation (NYSE:OTIS) Shares Sold by Cobblestone Capital Advisors LLC NY

Cobblestone Capital Advisors LLC NY decreased its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 5.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,484 shares of the company’s stock after selling 139 shares during the quarter. Cobblestone Capital Advisors LLC NY’s holdings in Otis Worldwide were worth $256,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in OTIS. Transce3nd LLC acquired a new position in shares of Otis Worldwide during the 4th quarter valued at $25,000. NBC Securities Inc. acquired a new position in shares of Otis Worldwide during the 1st quarter valued at $25,000. Wayfinding Financial LLC acquired a new position in shares of Otis Worldwide during the 1st quarter valued at $31,000. Cheviot Value Management LLC acquired a new position in shares of Otis Worldwide during the 1st quarter valued at $31,000. Finally, Orion Capital Management LLC acquired a new position in shares of Otis Worldwide during the 4th quarter valued at $35,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on OTIS. Morgan Stanley boosted their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft began coverage on shares of Otis Worldwide in a report on Monday, July 14th. They issued a “hold” rating and a $109.00 price objective on the stock. Royal Bank Of Canada cut their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, July 28th. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $100.00 to $93.00 and set an “equal weight” rating on the stock in a report on Thursday, July 24th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Otis Worldwide from $109.00 to $101.00 and set an “overweight” rating on the stock in a report on Thursday, July 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $102.50.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $87.44 on Monday. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The firm has a market cap of $34.32 billion, a PE ratio of 23.13, a price-to-earnings-growth ratio of 4.20 and a beta of 0.95. The firm’s 50-day simple moving average is $94.92 and its 200-day simple moving average is $96.83.

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 analysts’ consensus estimates 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 business 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 business earned $1.06 EPS. The business’s quarterly revenue was down .2% on a year-over-year basis. On average, equities analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be paid a dividend of $0.42 per share. The ex-dividend date is Friday, August 15th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s dividend payout ratio is 44.44%.

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.