Otis Worldwide Corporation (NYSE:OTIS) Shares Sold by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC trimmed its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 34.1% in the first quarter, HoldingsChannel reports. The firm owned 2,486 shares of the company’s stock after selling 1,287 shares during the period. Frank Rimerman Advisors LLC’s holdings in Otis Worldwide were worth $257,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Otis Worldwide by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company’s stock worth $4,808,634,000 after purchasing an additional 1,591,450 shares in the last quarter. GAMMA Investing LLC raised 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 worth $84,701,000 after purchasing 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 worth approximately $66,962,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Otis Worldwide by 16.0% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company’s stock worth $427,049,000 after purchasing an additional 571,489 shares in the last quarter. Finally, Northern Trust Corp raised 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 worth $423,934,000 after purchasing an additional 501,016 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Shares of OTIS opened at $86.06 on Tuesday. The company’s 50 day moving average price is $94.75 and its 200 day moving average price is $96.76. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83. The company has a market capitalization of $33.78 billion, a PE ratio of 22.77, a PEG ratio of 4.20 and a beta of 0.95.

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

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a yield of 2.0%. Otis Worldwide’s payout ratio is presently 44.44%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on OTIS. Wells Fargo & Company cut their price target 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. Wolfe Research upgraded shares of Otis Worldwide from an “underperform” rating to a “peer perform” rating in a report on Friday, July 25th. JPMorgan Chase & Co. cut their price target 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. Deutsche Bank Aktiengesellschaft began coverage on shares of Otis Worldwide in a report on Monday, July 14th. They set a “hold” rating and a $109.00 price target on the stock. Finally, Morgan Stanley boosted their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $102.50.

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.