Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Nippon Life Global Investors Americas Inc.

Nippon Life Global Investors Americas Inc. reduced its stake in Otis Worldwide Co. (NYSE:OTIS) by 3.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 260,760 shares of the company’s stock after selling 8,090 shares during the quarter. Nippon Life Global Investors Americas Inc. owned approximately 0.06% of Otis Worldwide worth $25,101,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of OTIS. Cambridge Investment Research Advisors Inc. lifted its holdings in Otis Worldwide by 0.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 32,048 shares of the company’s stock valued at $3,181,000 after acquiring an additional 110 shares during the last quarter. Hancock Whitney Corp raised its position in Otis Worldwide by 4.6% in the first quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock valued at $253,000 after purchasing an additional 111 shares during the period. Tritonpoint Wealth LLC lifted its stake in shares of Otis Worldwide by 4.1% in the 1st quarter. Tritonpoint Wealth LLC now owns 2,869 shares of the company’s stock valued at $285,000 after purchasing an additional 113 shares during the last quarter. Bleakley Financial Group LLC grew its holdings in shares of Otis Worldwide by 1.2% during the 1st quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock worth $965,000 after purchasing an additional 117 shares during the period. Finally, Massmutual Trust Co. FSB ADV increased its position in shares of Otis Worldwide by 7.1% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 1,867 shares of the company’s stock worth $185,000 after purchasing an additional 124 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have commented on OTIS. Wells Fargo & Company decreased 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. Morgan Stanley initiated 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. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $100.00.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $95.52 on Monday. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.84. The company has a 50 day moving average price of $94.23 and a 200 day moving average price of $95.93. The stock has a market capitalization of $38.26 billion, a P/E ratio of 27.61 and a beta of 1.03.

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

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s dividend 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.