Amalgamated Bank Reduces Holdings in Otis Worldwide Co. (NYSE:OTIS)

Amalgamated Bank lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 81,720 shares of the company’s stock after selling 3,733 shares during the quarter. Amalgamated Bank’s holdings in Otis Worldwide were worth $7,866,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Wells Fargo & Company MN boosted its holdings in shares of Otis Worldwide by 0.8% during the 4th quarter. Wells Fargo & Company MN now owns 626,857 shares of the company’s stock worth $56,085,000 after purchasing an additional 4,979 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Otis Worldwide by 23.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,603 shares of the company’s stock worth $233,000 after buying an additional 493 shares during the last quarter. WBI Investments LLC purchased a new stake in Otis Worldwide in the 4th quarter valued at $207,000. TCW Group Inc. raised its holdings in shares of Otis Worldwide by 11.0% during the 4th quarter. TCW Group Inc. now owns 48,593 shares of the company’s stock worth $4,349,000 after acquiring an additional 4,822 shares during the period. Finally, Avantax Planning Partners Inc. purchased a new position in shares of Otis Worldwide during the 4th quarter worth $251,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Wells Fargo & Company dropped 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 report on Thursday, July 25th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research report on Thursday. Finally, Morgan Stanley assumed coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective on the stock. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $100.00.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $96.41 on Friday. The company has a market capitalization of $38.98 billion, a PE ratio of 27.86 and a beta of 1.03. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.84. The firm has a 50 day moving average price of $94.38 and a 200 day moving average price of $95.92.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share 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 business 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 firm posted $0.92 earnings per share. The company’s revenue was down 3.2% on a year-over-year basis. As a group, equities research analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.62%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s payout ratio is currently 45.09%.

Otis Worldwide Profile

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.