Otis Worldwide Co. (NYSE:OTIS) Stake Reduced by ICW Investment Advisors LLC

ICW Investment Advisors LLC trimmed its stake in Otis Worldwide Co. (NYSE:OTIS) by 1.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 6,247 shares of the company’s stock after selling 120 shares during the quarter. ICW Investment Advisors LLC’s holdings in Otis Worldwide were worth $601,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Jamison Private Wealth Management Inc. grew its holdings in Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after buying an additional 286 shares in the last quarter. Hantz Financial Services Inc. acquired a new position in Otis Worldwide during the 2nd quarter worth $29,000. LifeSteps Financial Inc. bought a new position in shares of Otis Worldwide in the first quarter worth $31,000. Accent Capital Management LLC acquired a new position in shares of Otis Worldwide during the fourth quarter valued at $36,000. Finally, Versant Capital Management Inc increased its holdings in shares of Otis Worldwide by 125.0% during the second quarter. Versant Capital Management Inc now owns 369 shares of the company’s stock valued at $36,000 after purchasing an additional 205 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on OTIS shares. Argus increased their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Morgan Stanley initiated coverage on shares of Otis Worldwide in a research note on Friday. They issued an “equal weight” rating and a $97.00 price target for the company. Finally, Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 25th. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $98.57.

Otis Worldwide Trading Up 0.6 %

Shares of NYSE OTIS traded up $0.51 during midday trading on Friday, reaching $92.94. The company’s stock had a trading volume of 109,819 shares, compared to its average volume of 2,053,002. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.84. The company has a market cap of $37.58 billion, a price-to-earnings ratio of 26.72 and a beta of 1.03. The company has a 50 day moving average price of $94.94 and a 200 day moving average price of $95.91.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.03. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The firm’s revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.92 earnings per share. Research analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Friday, August 16th will be given a $0.39 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.68%. Otis Worldwide’s dividend payout ratio (DPR) is 45.09%.

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.