Brown Advisory Inc. Cuts Stake in Otis Worldwide Co. (NYSE:OTIS)

Brown Advisory Inc. lowered its position in Otis Worldwide Co. (NYSE:OTISGet Rating) by 0.8% in the 1st quarter, Holdings Channel reports. The institutional investor owned 1,041,458 shares of the company’s stock after selling 8,579 shares during the period. Brown Advisory Inc.’s holdings in Otis Worldwide were worth $81,345,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in OTIS. NuWave Investment Management LLC purchased a new stake in shares of Otis Worldwide during the first quarter valued at approximately $26,000. Curi Wealth Management LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter valued at approximately $27,000. LFA Lugano Financial Advisors SA purchased a new stake in shares of Otis Worldwide during the first quarter valued at approximately $27,000. Elmwood Wealth Management Inc. purchased a new stake in shares of Otis Worldwide during the fourth quarter valued at approximately $28,000. Finally, Intelligent Financial Strategies purchased a new stake in shares of Otis Worldwide during the fourth quarter valued at approximately $28,000. Hedge funds and other institutional investors own 83.32% of the company’s stock.

Otis Worldwide Trading Down 0.2 %

OTIS opened at $79.32 on Friday. The stock has a fifty day simple moving average of $72.43 and a two-hundred day simple moving average of $75.44. The company has a market cap of $33.33 billion, a price-to-earnings ratio of 27.26 and a beta of 0.88. Otis Worldwide Co. has a 12-month low of $66.97 and a 12-month high of $92.84.

Otis Worldwide (NYSE:OTISGet Rating) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.08. Otis Worldwide had a negative return on equity of 32.91% and a net margin of 8.83%. The firm had revenue of $3.49 billion during the quarter, compared to the consensus estimate of $3.56 billion. During the same period last year, the company earned $0.79 earnings per share. The company’s revenue was down 5.8% on a year-over-year basis. On average, analysts predict that Otis Worldwide Co. will post 3.2 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Saturday, September 10th. Stockholders of record on Friday, August 19th will be issued a dividend of $0.29 per share. The ex-dividend date is Thursday, August 18th. This represents a $1.16 annualized dividend and a dividend yield of 1.46%. Otis Worldwide’s payout ratio is presently 39.86%.

Insider Activity

In related news, EVP Nora E. Lafreniere sold 13,576 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $76.54, for a total transaction of $1,039,107.04. Following the sale, the executive vice president now directly owns 12,376 shares of the company’s stock, valued at $947,259.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Rahul Ghai sold 2,618 shares of Otis Worldwide stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $78.55, for a total transaction of $205,643.90. Following the sale, the chief financial officer now owns 7,063 shares of the company’s stock, valued at approximately $554,798.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nora E. Lafreniere sold 13,576 shares of Otis Worldwide stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $76.54, for a total value of $1,039,107.04. Following the sale, the executive vice president now directly owns 12,376 shares in the company, valued at approximately $947,259.04. The disclosure for this sale can be found here. Corporate insiders own 0.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on OTIS. JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $100.00 to $62.00 in a research note on Thursday, July 7th. BNP Paribas lowered Otis Worldwide from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $95.00 to $80.00 in a research note on Tuesday, July 5th. Barclays dropped their price target on Otis Worldwide from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, July 8th. Berenberg Bank dropped their price target on Otis Worldwide from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, June 22nd. Finally, Cowen dropped their price target on Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating for the company in a research note on Tuesday, April 26th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $77.40.

About Otis Worldwide

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Otis Worldwide Corporation manufactures, installs, and services 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.

See Also

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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