Public Employees Retirement System of Ohio Lowers Holdings in Otis Worldwide Co. (NYSE:OTIS)

Public Employees Retirement System of Ohio decreased its holdings in Otis Worldwide Co. (NYSE:OTIS) by 9.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 163,167 shares of the company’s stock after selling 16,332 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Otis Worldwide were worth $16,198,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LRI Investments LLC acquired a new position in shares of Otis Worldwide in the 1st quarter valued at about $2,817,000. Quadrature Capital Ltd lifted its stake in shares of Otis Worldwide by 214.8% in the 1st quarter. Quadrature Capital Ltd now owns 40,068 shares of the company’s stock valued at $3,978,000 after purchasing an additional 27,340 shares in the last quarter. Cloverfields Capital Group LP lifted its stake in shares of Otis Worldwide by 5.2% in the 1st quarter. Cloverfields Capital Group LP now owns 96,533 shares of the company’s stock valued at $9,583,000 after purchasing an additional 4,796 shares in the last quarter. Stonebridge Capital Advisors LLC acquired a new position in shares of Otis Worldwide in the 1st quarter valued at about $332,000. Finally, Canada Pension Plan Investment Board lifted its stake in shares of Otis Worldwide by 65.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 253,379 shares of the company’s stock valued at $25,153,000 after purchasing an additional 99,799 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Barclays lifted their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Wells Fargo & Company reduced their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 25th. JPMorgan Chase & Co. boosted their price target on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Argus boosted their price target on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Finally, Melius began coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and a consensus price target of $98.83.

Otis Worldwide Stock Up 1.1 %

Shares of OTIS opened at $94.07 on Tuesday. The business’s 50 day moving average is $97.11 and its two-hundred day moving average is $95.18. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.84. The firm has a market cap of $37.68 billion, a price-to-earnings ratio of 26.89 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same period in the prior year, the company posted $0.92 EPS. Otis Worldwide’s quarterly revenue was down 3.2% on a year-over-year basis. On average, equities analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be issued a $0.39 dividend. The ex-dividend date is Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.66%. Otis Worldwide’s dividend payout ratio (DPR) is 45.09%.

Insider Activity

In other news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the sale, the executive vice president now directly owns 15,570 shares in the company, valued at approximately $1,458,753.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.23% of the company’s stock.

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.