Public Employees Retirement Association of Colorado Sells 3,299 Shares of Otis Worldwide Co. (NYSE:OTIS)

Public Employees Retirement Association of Colorado reduced its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 51,764 shares of the company’s stock after selling 3,299 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Otis Worldwide were worth $4,983,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of OTIS. Meeder Asset Management Inc. grew its position 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 valued at $26,000 after acquiring an additional 196 shares during the period. Jamison Private Wealth Management Inc. grew its position in shares of Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after acquiring an additional 286 shares during the period. Cranbrook Wealth Management LLC grew its position in shares of Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after acquiring an additional 250 shares during the period. Hantz Financial Services Inc. bought a new position in shares of Otis Worldwide during the 2nd quarter valued at approximately $29,000. Finally, LifeSteps Financial Inc. bought a new position in shares of Otis Worldwide during the 1st quarter valued at approximately $31,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Price Performance

NYSE OTIS opened at $95.52 on Monday. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84. The stock has a market capitalization of $38.26 billion, a PE ratio of 27.61 and a beta of 1.03. The company’s 50 day simple moving average is $94.23 and its two-hundred day simple moving average is $95.93.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping 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 business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. During the same period in the prior year, the company posted $0.92 EPS. The business’s revenue for the quarter 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 year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.63%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s dividend payout ratio is presently 45.09%.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday. Wells Fargo & Company cut 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. Finally, 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 for the company. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price 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.