Invesco LLC Trims Stock Holdings in Otis Worldwide Corporation (NYSE:OTIS)

Invesco LLC cut its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 18.4% during the first quarter, Holdings Channel reports. The institutional investor owned 3,252 shares of the company’s stock after selling 731 shares during the quarter. Invesco LLC’s holdings in Otis Worldwide were worth $336,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. JPMorgan Chase & Co. boosted its stake in Otis Worldwide by 26.5% in the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company’s stock worth $3,289,868,000 after purchasing an additional 7,447,860 shares in the last quarter. Norges Bank purchased a new position in Otis Worldwide in the fourth quarter worth about $649,883,000. GAMMA Investing LLC lifted its stake in shares of Otis Worldwide by 12,162.8% in the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company’s stock worth $84,701,000 after buying an additional 814,057 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Otis Worldwide during the fourth quarter valued at approximately $66,962,000. Finally, Northern Trust Corp raised its holdings in Otis Worldwide by 12.3% in the 4th quarter. Northern Trust Corp now owns 4,577,626 shares of the company’s stock worth $423,934,000 after acquiring an additional 501,016 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Price Performance

NYSE:OTIS opened at $96.04 on Tuesday. The firm has a market capitalization of $37.91 billion, a price-to-earnings ratio of 25.21 and a beta of 0.98. The business has a 50 day simple moving average of $96.28 and a 200-day simple moving average of $96.73. Otis Worldwide Corporation has a 1 year low of $89.70 and a 1 year high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.91 by $0.01. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The company had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same period in the previous year, the firm earned $0.88 earnings per share. Otis Worldwide’s quarterly revenue was down 2.5% compared to the same quarter last year. As a group, analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were given a dividend of $0.42 per share. The ex-dividend date was Friday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a yield of 1.75%. Otis Worldwide’s payout ratio is 44.09%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on OTIS. Wells Fargo & Company lowered their price target on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th. Barclays dropped their price target on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research note on Friday, April 25th. Royal Bank Of Canada dropped their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. Finally, JPMorgan Chase & Co. boosted their price objective on Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, May 16th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $100.71.

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.