Squarepoint Ops LLC Sells 463,240 Shares of Otis Worldwide Co. (NYSE:OTIS)

Squarepoint Ops LLC reduced its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 50.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 454,701 shares of the company's stock after selling 463,240 shares during the period. Squarepoint Ops LLC owned 0.11% of Otis Worldwide worth $43,770,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Congress Wealth Management LLC DE bought a new position in shares of Otis Worldwide in the 4th quarter worth $215,000. Hsbc Holdings PLC lifted its stake in shares of Otis Worldwide by 25.9% in the fourth quarter. Hsbc Holdings PLC now owns 702,517 shares of the company's stock valued at $62,885,000 after buying an additional 144,449 shares in the last quarter. Hilltop Holdings Inc. grew its holdings in shares of Otis Worldwide by 10.2% during the fourth quarter. Hilltop Holdings Inc. now owns 2,863 shares of the company's stock valued at $256,000 after buying an additional 264 shares during the last quarter. TD Asset Management Inc increased its position in shares of Otis Worldwide by 8.0% during the fourth quarter. TD Asset Management Inc now owns 158,256 shares of the company's stock worth $14,159,000 after acquiring an additional 11,664 shares in the last quarter. Finally, Focus Financial Network Inc. ADV acquired a new stake in shares of Otis Worldwide in the 4th quarter worth about $312,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. 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. Wells Fargo & Company decreased 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 note on Thursday, July 25th. Finally, Morgan Stanley started coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an "equal weight" rating and a $97.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $100.00.

Otis Worldwide Price Performance

Shares of OTIS traded up $3.84 during mid-day trading on Thursday, hitting $103.38. The stock had a trading volume of 3,506,417 shares, compared to its average volume of 2,104,006. The firm has a market cap of $41.41 billion, a P/E ratio of 29.56 and a beta of 1.03. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $103.97. The business has a fifty day moving average price of $94.16 and a 200-day moving average price of $95.97.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $3.74 billion. During the same period in the prior year, the firm earned $0.92 earnings per share. The company's revenue was down 3.2% compared to the same quarter last year. As a group, research analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date was Friday, August 16th. Otis Worldwide's payout ratio 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.