HBK Sorce Advisory LLC Reduces Holdings in Otis Worldwide Corporation (NYSE:OTIS)

HBK Sorce Advisory LLC lowered its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 11.2% in the first quarter, HoldingsChannel.com reports. The fund owned 3,395 shares of the company’s stock after selling 427 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Otis Worldwide were worth $350,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of OTIS. Coldstream Capital Management Inc. raised its stake in Otis Worldwide by 4.2% in the 4th quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company’s stock valued at $249,000 after purchasing an additional 109 shares during the last quarter. Montis Financial LLC grew its position in shares of Otis Worldwide by 5.2% in the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock valued at $205,000 after purchasing an additional 110 shares during the period. Thurston Springer Miller Herd & Titak Inc. increased its stake in Otis Worldwide by 15.3% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company’s stock valued at $85,000 after purchasing an additional 110 shares during the last quarter. AlTi Global Inc. lifted its position in Otis Worldwide by 4.9% during the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company’s stock worth $223,000 after buying an additional 113 shares during the period. Finally, Dorsey & Whitney Trust CO LLC boosted its stake in Otis Worldwide by 1.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock worth $643,000 after buying an additional 114 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Otis Worldwide Stock Performance

OTIS opened at $97.63 on Friday. Otis Worldwide Corporation has a 1 year low of $89.70 and a 1 year high of $106.83. The firm has a 50 day moving average price of $96.23 and a 200 day moving average price of $96.72. The company has a market cap of $38.53 billion, a PE ratio of 25.63 and a beta of 0.98.

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

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were given a $0.42 dividend. 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 annualized dividend and a yield of 1.72%. Otis Worldwide’s dividend payout ratio (DPR) is 44.09%.

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.