Otis Worldwide Co. (NYSE:OTIS) Stock Position Decreased by New York State Common Retirement Fund

New York State Common Retirement Fund trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 348,808 shares of the company’s stock after selling 15,979 shares during the quarter. New York State Common Retirement Fund owned approximately 0.09% of Otis Worldwide worth $36,255,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the company. PineStone Asset Management Inc. lifted its stake in Otis Worldwide by 138.3% in the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after acquiring an additional 2,590,780 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Otis Worldwide by 12.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after purchasing an additional 907,972 shares during the last quarter. Sarasin & Partners LLP boosted its holdings in Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after purchasing an additional 883,659 shares in the last quarter. Brown Brothers Harriman & Co. increased its position in Otis Worldwide by 2,782.3% during the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after buying an additional 786,897 shares during the last quarter. Finally, Swedbank AB bought a new position in Otis Worldwide during the first quarter valued at about $21,932,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 1.3 %

Shares of OTIS stock opened at $99.44 on Friday. Otis Worldwide Co. has a 1 year low of $77.51 and a 1 year high of $106.33. The firm’s fifty day simple moving average is $99.11 and its 200 day simple moving average is $96.90. The firm has a market capitalization of $39.83 billion, a P/E ratio of 24.80 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same period in the prior year, the company posted $0.95 EPS. The firm’s quarterly revenue was up .7% on a year-over-year basis. Equities research analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s payout ratio is presently 38.90%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on OTIS. Barclays decreased their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $102.00.

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.