Hsbc Holdings PLC Trims Position in Otis Worldwide Co. (NYSE:OTIS)

Hsbc Holdings PLC lowered its position in Otis Worldwide Co. (NYSE:OTIS) by 20.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 638,139 shares of the company’s stock after selling 163,508 shares during the quarter. Hsbc Holdings PLC owned about 0.16% of Otis Worldwide worth $61,423,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Meeder Asset Management Inc. increased its holdings in shares of Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after buying an additional 196 shares during the last quarter. Cranbrook Wealth Management LLC increased its stake in Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after acquiring an additional 250 shares during the last quarter. Jamison Private Wealth Management Inc. raised its position in Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares during the period. Hantz Financial Services Inc. acquired a new position in shares of Otis Worldwide in the 2nd quarter valued at $29,000. Finally, LifeSteps Financial Inc. purchased a new position in shares of Otis Worldwide during the 1st quarter worth $31,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Trading Up 2.6 %

OTIS stock opened at $96.41 on Friday. The stock has a market cap of $38.98 billion, a P/E ratio of 27.86 and a beta of 1.03. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.84. The company’s 50 day moving average is $94.38 and its two-hundred day moving average is $95.92.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results 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 net margin of 10.35% and a negative return on equity of 31.65%. The firm 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 earnings per share. Otis Worldwide’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, equities research analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

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

Wall Street Analysts Forecast Growth

OTIS has been the topic of several research analyst reports. Morgan Stanley started coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective on the stock. Wells Fargo & Company cut their price objective 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. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $100.00.

Otis Worldwide Company 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.