Windward Capital Management Co. CA Sells 1,632 Shares of Otis Worldwide Co. (NYSE:OTIS)

Windward Capital Management Co. CA lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 78,807 shares of the company’s stock after selling 1,632 shares during the quarter. Windward Capital Management Co. CA’s holdings in Otis Worldwide were worth $7,586,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of OTIS. Spire Wealth Management raised its holdings in Otis Worldwide by 19.0% in the 4th quarter. Spire Wealth Management now owns 932 shares of the company’s stock valued at $82,000 after acquiring an additional 149 shares in the last quarter. Private Advisor Group LLC lifted its position in Otis Worldwide by 2.5% in the fourth quarter. Private Advisor Group LLC now owns 27,740 shares of the company’s stock worth $2,482,000 after purchasing an additional 683 shares during the period. Lincoln National Corp boosted its stake in Otis Worldwide by 34.5% during the fourth quarter. Lincoln National Corp now owns 5,253 shares of the company’s stock worth $470,000 after buying an additional 1,347 shares in the last quarter. Apollon Wealth Management LLC boosted its stake in Otis Worldwide by 10.9% during the fourth quarter. Apollon Wealth Management LLC now owns 4,843 shares of the company’s stock worth $433,000 after buying an additional 475 shares in the last quarter. Finally, Principal Securities Inc. bought a new stake in Otis Worldwide in the 4th quarter valued at $945,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Down 1.1 %

NYSE:OTIS opened at $91.43 on Friday. The firm has a market cap of $36.97 billion, a PE ratio of 26.42 and a beta of 1.03. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.84. The company’s 50-day moving average price is $94.84 and its two-hundred day moving average price is $95.94.

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 company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.92 earnings per share. On average, research analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.71%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s payout ratio is presently 45.09%.

Analysts Set New Price Targets

A number of research firms have recently commented on OTIS. Argus raised their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research note on Friday. They set an “equal weight” rating and a $97.00 price target for the company. Finally, Wells Fargo & Company lowered their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 25th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $98.57.

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.