Circle Wealth Management LLC Sells 296 Shares of Otis Worldwide Co. (NYSE:OTIS)

Circle Wealth Management LLC lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,510 shares of the company’s stock after selling 296 shares during the period. Circle Wealth Management LLC’s holdings in Otis Worldwide were worth $3,129,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of OTIS. Nordea Investment Management AB increased its position in Otis Worldwide by 19.6% in the first quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock worth $46,138,000 after buying an additional 75,878 shares during the last quarter. First Eagle Investment Management LLC increased its holdings in Otis Worldwide by 173.7% in the 1st quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock worth $1,990,000 after acquiring an additional 12,722 shares during the last quarter. CIBC Asset Management Inc raised its stake in Otis Worldwide by 29.5% in the 4th quarter. CIBC Asset Management Inc now owns 144,536 shares of the company’s stock valued at $12,932,000 after acquiring an additional 32,886 shares during the period. Cetera Investment Advisers lifted its holdings in Otis Worldwide by 259.1% during the first quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after purchasing an additional 33,457 shares during the last quarter. Finally, Cloverfields Capital Group LP boosted its position in Otis Worldwide by 212.2% during the fourth quarter. Cloverfields Capital Group LP now owns 91,737 shares of the company’s stock worth $8,208,000 after purchasing an additional 62,350 shares during the period. Institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on OTIS. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research note on Thursday. Morgan Stanley started coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. Finally, Wells Fargo & Company reduced their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, July 25th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $100.00.

Otis Worldwide Price Performance

NYSE OTIS opened at $95.52 on Friday. The company’s 50 day simple moving average is $94.23 and its two-hundred day simple moving average is $95.92. 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.

Otis Worldwide (NYSE:OTIS) last posted 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 negative return on equity of 31.65% and a net margin of 10.35%. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. During the same quarter last year, the company earned $0.92 earnings per share. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. On average, research analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were paid 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.