Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.4% in the second quarter, Holdings Channel.com reports. The firm owned 79,889 shares of the company’s stock after selling 340 shares during the period. Gulf International Bank UK Ltd’s holdings in Otis Worldwide were worth $6,532,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of OTIS. Victory Capital Management Inc. grew its stake in Otis Worldwide by 20.1% during the 1st quarter. Victory Capital Management Inc. now owns 358,447 shares of the company’s stock valued at $24,536,000 after purchasing an additional 60,047 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Otis Worldwide by 23.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 185,313 shares of the company’s stock valued at $12,685,000 after purchasing an additional 35,311 shares in the last quarter. IFM Investors Pty Ltd grew its stake in Otis Worldwide by 14.0% during the 1st quarter. IFM Investors Pty Ltd now owns 45,223 shares of the company’s stock valued at $3,096,000 after purchasing an additional 5,565 shares in the last quarter. Cullen Frost Bankers Inc. grew its position in shares of Otis Worldwide by 14.3% in the 1st quarter. Cullen Frost Bankers Inc. now owns 81,013 shares of the company’s stock worth $5,545,000 after acquiring an additional 10,166 shares in the last quarter. Finally, Wade G W & Inc. grew its position in shares of Otis Worldwide by 17.3% in the 1st quarter. Wade G W & Inc. now owns 4,172 shares of the company’s stock worth $286,000 after acquiring an additional 614 shares in the last quarter. Hedge funds and other institutional investors own 82.29% of the company’s stock.

Shares of NYSE OTIS opened at $90.36 on Wednesday. The stock has a market cap of $38.56 billion, a P/E ratio of 33.97 and a beta of 0.85. The firm’s 50-day simple moving average is $89.11 and its 200 day simple moving average is $79.72. Otis Worldwide Co. has a fifty-two week low of $58.04 and a fifty-two week high of $92.84.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Sunday, July 25th. The company reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.08. The business had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.46 billion. Otis Worldwide had a net margin of 8.30% and a negative return on equity of 37.04%. Analysts expect that Otis Worldwide Co. will post 2.97 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 10th. Investors of record on Friday, August 20th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, August 19th. This represents a $0.96 annualized dividend and a yield of 1.06%. Otis Worldwide’s dividend payout ratio is currently 38.10%.

In related news, insider Fernandez Bernardo Calleja sold 1,597 shares of Otis Worldwide stock in a transaction on Wednesday, July 28th. The stock was sold at an average price of $87.80, for a total value of $140,216.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Michael Patrick Ryan sold 2,220 shares of the stock in a transaction on Wednesday, July 28th. The shares were sold at an average price of $87.44, for a total value of $194,116.80. The disclosure for this sale can be found here. 0.05% of the stock is owned by insiders.

Several research analysts have recently commented on OTIS shares. Argus reiterated a “buy” rating and issued a $88.44 target price (up previously from $84.00) on shares of Otis Worldwide in a research report on Tuesday, July 27th. Cowen reiterated an “outperform” rating and issued a $88.44 target price (down previously from $90.00) on shares of Otis Worldwide in a research report on Tuesday, July 27th. Royal Bank of Canada assumed coverage on Otis Worldwide in a research report on Tuesday, July 6th. They issued an “outperform” rating and a $95.00 target price for the company. Barclays boosted their price objective on Otis Worldwide from $78.00 to $86.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 27th. Finally, Zacks Investment Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Wednesday, June 30th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Otis Worldwide currently has an average rating of “Buy” and an average target price of $84.10.

Otis Worldwide Company Profile

Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. The company operates through 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.

Read More: Market Timing – The Benefits and the Danger

Want to see what other hedge funds are holding OTIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Otis Worldwide Co. (NYSE:OTIS).

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

Receive News & Ratings for Otis Worldwide Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Otis Worldwide and related companies with MarketBeat.com's FREE daily email newsletter.