Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd decreased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 8.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,261 shares of the company’s stock after selling 2,841 shares during the period. Gulf International Bank UK Ltd’s holdings in Otis Worldwide were worth $3,009,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. International Assets Investment Management LLC lifted its position in shares of Otis Worldwide by 13,638.0% during the 4th quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock valued at $13,570,000 after acquiring an additional 150,563 shares during the last quarter. Prime Capital Investment Advisors LLC acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $405,000. Tritonpoint Wealth LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter valued at $247,000. DekaBank Deutsche Girozentrale boosted its position in shares of Otis Worldwide by 20.3% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 146,545 shares of the company’s stock valued at $13,052,000 after purchasing an additional 24,748 shares during the period. Finally, Sabal Trust CO purchased a new position in Otis Worldwide in the 4th quarter worth about $206,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on OTIS shares. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, July 25th. JPMorgan Chase & Co. raised their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Finally, Argus upped their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $98.83.

Otis Worldwide Price Performance

NYSE:OTIS traded down $0.92 during trading hours on Wednesday, reaching $92.47. The company’s stock had a trading volume of 2,102,521 shares, compared to its average volume of 2,127,214. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.84. The business’s 50-day moving average is $96.65 and its 200-day moving average is $95.47. The company has a market cap of $37.39 billion, a price-to-earnings ratio of 26.73 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted 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. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. Otis Worldwide’s revenue was down 3.2% compared to the same quarter last year. During the same period last year, the business posted $0.92 EPS. On average, sell-side analysts predict that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be given 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 1.69%. Otis Worldwide’s dividend payout ratio is currently 45.09%.

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.