Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Kentucky Retirement Systems

Kentucky Retirement Systems decreased its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,468 shares of the company’s stock after selling 323 shares during the quarter. Kentucky Retirement Systems’ holdings in Otis Worldwide were worth $2,933,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of OTIS. Vanguard Group Inc. lifted its holdings in shares of Otis Worldwide by 14.8% during the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after purchasing an additional 5,913,933 shares during the period. PineStone Asset Management Inc. lifted its holdings in shares of Otis Worldwide by 138.3% during the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after purchasing an additional 2,590,780 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after purchasing an additional 907,972 shares during the period. Sarasin & Partners LLP raised its position in Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after acquiring an additional 883,659 shares in the last quarter. Finally, Brown Brothers Harriman & Co. raised its position in Otis Worldwide by 2,782.3% during the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock valued at $78,469,000 after acquiring an additional 786,897 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $96.41 on Friday. The stock 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 12 month low of $73.32 and a 12 month high of $100.84. The business has a 50 day simple moving average of $94.38 and a 200-day simple moving average of $95.92.

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

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were given a dividend of $0.39 per share. 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 45.09%.

Analysts Set New Price Targets

OTIS has been the subject of several recent research reports. Morgan Stanley initiated coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target for the company. Wells Fargo & Company reduced their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, July 25th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price target 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 issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $100.00.

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.