TCW Group Inc. Has $4.17 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

TCW Group Inc. reduced its holdings in Otis Worldwide Co. (NYSE:OTIS) by 14.0% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 43,366 shares of the company’s stock after selling 7,064 shares during the quarter. TCW Group Inc.’s holdings in Otis Worldwide were worth $4,174,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC boosted its position in Otis Worldwide by 13,638.0% during the fourth quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock valued at $13,570,000 after purchasing an additional 150,563 shares during the last quarter. Cerity Partners LLC increased its holdings in Otis Worldwide by 43.0% during the fourth quarter. Cerity Partners LLC now owns 25,731 shares of the company’s stock worth $2,302,000 after buying an additional 7,741 shares during the last quarter. Louisiana State Employees Retirement System bought a new stake in Otis Worldwide during the fourth quarter worth $2,210,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Otis Worldwide by 1.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 112,713 shares of the company’s stock worth $10,084,000 after acquiring an additional 1,280 shares in the last quarter. Finally, Tyche Wealth Partners LLC acquired a new stake in Otis Worldwide in the fourth quarter valued at $202,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Price Performance

OTIS traded down $0.70 during trading on Friday, hitting $92.12. The stock had a trading volume of 1,674,959 shares, compared to its average volume of 2,117,135. The company has a 50 day moving average price of $95.76 and a 200-day moving average price of $95.66. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.84. The firm has a market cap of $37.25 billion, a price-to-earnings ratio of 26.62 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. During the same quarter in the previous year, the business posted $0.92 earnings per share. Otis Worldwide’s quarterly revenue was down 3.2% on a year-over-year basis. As a group, sell-side analysts predict that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. Otis Worldwide’s dividend payout ratio is presently 45.09%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on OTIS shares. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. JPMorgan Chase & Co. lifted their target price on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Finally, Argus increased their price target on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $98.83.

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.