Teachers Retirement System of The State of Kentucky Trims Position in Otis Worldwide Co. (NYSE:OTIS)

Teachers Retirement System of The State of Kentucky decreased its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.0% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 33,461 shares of the company’s stock after selling 2,133 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Otis Worldwide were worth $3,322,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of OTIS. Norges Bank purchased a new position in Otis Worldwide during the fourth quarter worth approximately $628,855,000. Vanguard Group Inc. raised its stake in Otis Worldwide by 14.8% during the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after purchasing an additional 5,913,933 shares during the period. PineStone Asset Management Inc. raised its stake in Otis Worldwide by 17.4% during the fourth quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company’s stock worth $298,721,000 after purchasing an additional 494,460 shares during the period. Putnam Investments LLC increased its position in shares of Otis Worldwide by 20.1% in the fourth quarter. Putnam Investments LLC now owns 2,409,345 shares of the company’s stock worth $215,564,000 after acquiring an additional 403,215 shares in the last quarter. Finally, Clean Energy Transition LLP acquired a new stake in shares of Otis Worldwide in the fourth quarter worth $30,337,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

OTIS traded down $0.01 during trading hours on Friday, reaching $94.29. 3,107,146 shares of the stock traded hands, compared to its average volume of 2,434,203. The firm’s fifty day simple moving average is $96.82 and its two-hundred day simple moving average is $95.34. The company has a market cap of $38.12 billion, a price-to-earnings ratio of 27.25 and a beta of 1.03. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.84.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share 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 business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. During the same period last year, the business earned $0.92 EPS. The business’s revenue was down 3.2% on a year-over-year basis. On average, research analysts predict that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. Otis Worldwide’s dividend payout ratio (DPR) is 45.09%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the transaction, the executive vice president now directly owns 15,570 shares in the company, valued at approximately $1,458,753.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.23% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, July 25th. Finally, Argus increased their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Otis Worldwide currently has an average 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.