Virtu Financial LLC Lowers Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Virtu Financial LLC lessened its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 40.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,894 shares of the company’s stock after selling 5,398 shares during the quarter. Virtu Financial LLC’s holdings in Otis Worldwide were worth $760,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Otis Worldwide by 14.8% during the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after acquiring an additional 5,913,933 shares during the period. Massachusetts Financial Services Co. MA boosted its position in 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 in the last quarter. PineStone Asset Management Inc. grew its holdings in Otis Worldwide by 138.3% in the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after purchasing an additional 2,590,780 shares during the period. Sarasin & Partners LLP increased its position in shares of Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after buying an additional 883,659 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Otis Worldwide by 4.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company’s stock worth $316,782,000 after buying an additional 126,684 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 2.6 %

Otis Worldwide stock opened at $96.41 on Friday. The company has a fifty day simple moving average of $94.38 and a 200-day simple moving average of $95.92. The firm has a market capitalization of $38.98 billion, a price-to-earnings ratio of 27.86 and a beta of 1.03. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.84.

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 quarter in the prior year, the company earned $0.92 EPS. Otis Worldwide’s revenue was down 3.2% compared to the same quarter last year. On average, research analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed 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. The ex-dividend date was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.62%. Otis Worldwide’s payout ratio is 45.09%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday. Wells Fargo & Company dropped their target price on shares of 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, Morgan Stanley began coverage on shares of 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. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $100.00.

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.