Rossmore Private Capital Sells 360 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Rossmore Private Capital reduced its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 3.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,351 shares of the company’s stock after selling 360 shares during the quarter. Rossmore Private Capital’s holdings in Otis Worldwide were worth $1,171,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in OTIS. Public Sector Pension Investment Board raised its stake in shares of Otis Worldwide by 7.5% in the first quarter. Public Sector Pension Investment Board now owns 53,567 shares of the company’s stock worth $5,528,000 after purchasing an additional 3,718 shares during the last quarter. Independent Advisor Alliance increased its position in Otis Worldwide by 19.0% in the first quarter. Independent Advisor Alliance now owns 4,956 shares of the company’s stock worth $511,000 after buying an additional 793 shares in the last quarter. Nuveen LLC bought a new position in shares of Otis Worldwide in the first quarter worth about $91,989,000. Cooper Financial Group boosted its stake in Otis Worldwide by 10.1% during the first quarter. Cooper Financial Group now owns 7,279 shares of the company’s stock valued at $751,000 after buying an additional 666 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in Otis Worldwide by 4.7% during the first quarter. Invesco Ltd. now owns 4,238,600 shares of the company’s stock valued at $437,424,000 after buying an additional 190,397 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Down 1.6%

Shares of OTIS stock opened at $86.06 on Tuesday. The company’s fifty day simple moving average is $94.75 and its 200-day simple moving average is $96.76. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83. The company has a market cap of $33.78 billion, a PE ratio of 22.77, a P/E/G ratio of 4.20 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.02. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter in the previous year, the firm posted $1.06 EPS. The firm’s quarterly revenue was down .2% on a year-over-year basis. Equities research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.68 annualized dividend and a dividend yield of 2.0%. Otis Worldwide’s payout ratio is 44.44%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Royal Bank Of Canada lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, July 28th. Barclays reduced their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research report on Thursday, July 24th. JPMorgan Chase & Co. cut their target price on Otis Worldwide from $109.00 to $101.00 and set an “overweight” rating on the stock in a research report on Thursday, July 24th. Wolfe Research upgraded shares of Otis Worldwide from an “underperform” rating to a “peer perform” rating in a research note on Friday, July 25th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They issued a “hold” rating and a $109.00 price objective for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $102.50.

About Otis Worldwide

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.