Summit Trail Advisors LLC Lowers Stake in Otis Worldwide Co. (NYSE:OTIS)

Summit Trail Advisors LLC lessened its stake in Otis Worldwide Co. (NYSE:OTIS) by 4.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,187 shares of the company’s stock after selling 381 shares during the period. Summit Trail Advisors LLC’s holdings in Otis Worldwide were worth $788,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. Wells Fargo & Company MN grew its position in shares of Otis Worldwide by 0.8% during the 4th quarter. Wells Fargo & Company MN now owns 626,857 shares of the company’s stock worth $56,085,000 after buying an additional 4,979 shares in the last quarter. Congress Wealth Management LLC DE bought a new position in Otis Worldwide during the 4th quarter worth about $215,000. Nomura Asset Management Co. Ltd. raised its holdings in shares of Otis Worldwide by 1.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 145,812 shares of the company’s stock valued at $13,046,000 after purchasing an additional 2,361 shares in the last quarter. Johnson Financial Group Inc. lifted its position in shares of Otis Worldwide by 1,454.9% in the 4th quarter. Johnson Financial Group Inc. now owns 2,379 shares of the company’s stock worth $213,000 after purchasing an additional 2,226 shares during the period. Finally, Hsbc Holdings PLC lifted its position in shares of Otis Worldwide by 25.9% in the 4th quarter. Hsbc Holdings PLC now owns 702,517 shares of the company’s stock worth $62,885,000 after purchasing an additional 144,449 shares during the period. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Otis Worldwide stock 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 business has a fifty 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 price-to-earnings ratio of 27.61 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same quarter last year, the company earned $0.92 earnings per share. The company’s quarterly revenue was down 3.2% on a year-over-year basis. On average, equities research analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share 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 paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.63%. Otis Worldwide’s payout ratio is 45.09%.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of recent research reports. Morgan Stanley began coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Wells Fargo & Company decreased their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, July 25th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus 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.