Whittier Trust Co. of Nevada Inc. Sells 422 Shares of Otis Worldwide Co. (NYSE:OTIS)

Whittier Trust Co. of Nevada Inc. decreased its holdings in Otis Worldwide Co. (NYSE:OTIS) by 2.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,911 shares of the company’s stock after selling 422 shares during the quarter. Whittier Trust Co. of Nevada Inc.’s holdings in Otis Worldwide were worth $1,724,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Nordea Investment Management AB boosted its position in shares of Otis Worldwide by 19.6% in the 1st quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock worth $46,138,000 after purchasing an additional 75,878 shares in the last quarter. Johnson Investment Counsel Inc. grew its position in shares of Otis Worldwide by 1.9% in the fourth quarter. Johnson Investment Counsel Inc. now owns 9,329 shares of the company’s stock valued at $835,000 after purchasing an additional 175 shares in the last quarter. First Eagle Investment Management LLC grew its position in Otis Worldwide by 173.7% in the first quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock worth $1,990,000 after acquiring an additional 12,722 shares during the period. CIBC Asset Management Inc grew its position in Otis Worldwide by 29.5% in the fourth quarter. CIBC Asset Management Inc now owns 144,536 shares of the company’s stock worth $12,932,000 after acquiring an additional 32,886 shares during the period. Finally, Cetera Investment Advisers grew its position in Otis Worldwide by 259.1% in the first quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock worth $4,603,000 after acquiring an additional 33,457 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

OTIS stock traded up $1.07 during midday trading on Thursday, hitting $94.48. The stock had a trading volume of 552,785 shares, compared to its average volume of 2,069,699. The firm has a market cap of $38.20 billion, a PE ratio of 27.30 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 $95.18 and its 200 day moving average price is $95.81.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. During the same period in the previous year, the company earned $0.92 EPS. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Friday, August 16th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. Otis Worldwide’s payout ratio is 45.09%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on OTIS shares. Argus upped their price target on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Wells Fargo & Company reduced 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. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $98.83.

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.