B. Riley Wealth Advisors Inc. Sells 1,374 Shares of Otis Worldwide Co. (NYSE:OTIS)

B. Riley Wealth Advisors Inc. trimmed its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 17.1% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 6,671 shares of the company’s stock after selling 1,374 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Otis Worldwide were worth $642,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Meeder Asset Management Inc. lifted 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 worth $26,000 after buying an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. lifted 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 worth $28,000 after buying an additional 286 shares during the last quarter. Cranbrook Wealth Management LLC lifted 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 worth $28,000 after buying an additional 250 shares during the last quarter. Hantz Financial Services Inc. bought a new stake in shares of Otis Worldwide during the 2nd quarter worth $29,000. Finally, LifeSteps Financial Inc. bought a new stake in shares of Otis Worldwide during the 1st quarter worth $31,000. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wells Fargo & Company lowered their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. 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, September 19th. Barclays increased their price target on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research note on Wednesday. Finally, Morgan Stanley started coverage on Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. 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 company has a consensus rating of “Hold” and a consensus target price of $100.86.

Otis Worldwide Price Performance

NYSE:OTIS opened at $104.56 on Friday. The business has a fifty day simple moving average of $95.30 and a two-hundred day simple moving average of $96.29. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $105.39. The company has a market capitalization of $42.28 billion, a P/E ratio of 30.22 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 negative return on equity of 31.65% and a net margin of 10.35%. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period last year, the business posted $0.92 earnings per share. As a group, analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.49%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio is 45.09%.

Otis Worldwide Company 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.