Texas Permanent School Fund Cuts Holdings in Otis Worldwide Co. (NYSE:OTIS)

Texas Permanent School Fund lowered its stake in Otis Worldwide Co. (NYSE:OTISGet Rating) by 5.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,121 shares of the company’s stock after selling 3,468 shares during the period. Texas Permanent School Fund’s holdings in Otis Worldwide were worth $4,242,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its stake in Otis Worldwide by 1.0% in the fourth quarter. BlackRock Inc. now owns 37,081,287 shares of the company’s stock worth $3,228,667,000 after purchasing an additional 372,147 shares during the last quarter. State Street Corp lifted its stake in Otis Worldwide by 1.8% in the fourth quarter. State Street Corp now owns 16,979,598 shares of the company’s stock worth $1,478,414,000 after purchasing an additional 292,558 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Otis Worldwide by 0.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 10,947,598 shares of the company’s stock worth $953,207,000 after purchasing an additional 51,646 shares during the last quarter. Geode Capital Management LLC lifted its stake in Otis Worldwide by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 8,773,526 shares of the company’s stock worth $762,582,000 after purchasing an additional 202,089 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Otis Worldwide by 12.4% in the fourth quarter. Alliancebernstein L.P. now owns 8,053,409 shares of the company’s stock worth $701,210,000 after purchasing an additional 890,179 shares during the last quarter. Hedge funds and other institutional investors own 83.32% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Barclays decreased their price objective on shares of Otis Worldwide from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, July 8th. Cowen decreased their price target on shares of Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating for the company in a research note on Tuesday, April 26th. Berenberg Bank decreased their price target on shares of Otis Worldwide from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, June 22nd. Exane BNP Paribas downgraded shares of Otis Worldwide from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $95.00 to $80.00 in a research note on Tuesday, July 5th. Finally, BNP Paribas downgraded shares of Otis Worldwide from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $95.00 to $80.00 in a research note on Tuesday, July 5th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $77.40.

Insider Activity

In other news, CFO Rahul Ghai sold 2,618 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $78.55, for a total transaction of $205,643.90. Following the sale, the chief financial officer now directly owns 7,063 shares of the company’s stock, valued at $554,798.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Rahul Ghai sold 2,618 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $78.55, for a total transaction of $205,643.90. Following the completion of the transaction, the chief financial officer now directly owns 7,063 shares in the company, valued at $554,798.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nora E. Lafreniere sold 13,576 shares of the business’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $76.54, for a total transaction of $1,039,107.04. Following the transaction, the executive vice president now owns 12,376 shares of the company’s stock, valued at $947,259.04. The disclosure for this sale can be found here. Corporate insiders own 0.11% of the company’s stock.

Otis Worldwide Trading Down 0.2 %

NYSE OTIS opened at $79.32 on Friday. The firm’s fifty day simple moving average is $72.43 and its two-hundred day simple moving average is $75.44. Otis Worldwide Co. has a 12-month low of $66.97 and a 12-month high of $92.84. The firm has a market capitalization of $33.33 billion, a P/E ratio of 27.26 and a beta of 0.88.

Otis Worldwide (NYSE:OTISGet Rating) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.08. Otis Worldwide had a net margin of 8.83% and a negative return on equity of 32.91%. The business had revenue of $3.49 billion for the quarter, compared to analyst estimates of $3.56 billion. During the same period in the previous year, the company earned $0.79 earnings per share. The business’s revenue for the quarter was down 5.8% on a year-over-year basis. As a group, sell-side analysts predict that Otis Worldwide Co. will post 3.2 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, September 10th. Stockholders of record on Friday, August 19th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date is Thursday, August 18th. Otis Worldwide’s dividend payout ratio (DPR) is presently 39.86%.

Otis Worldwide Company Profile

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Otis Worldwide Corporation manufactures, installs, and services 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.

See Also

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

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