Toronto Dominion Bank Reduces Holdings in Otis Worldwide Co. (NYSE:OTIS)

Toronto Dominion Bank decreased its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 13.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 205,836 shares of the company's stock after selling 31,364 shares during the period. Toronto Dominion Bank owned 0.05% of Otis Worldwide worth $19,814,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Nordea Investment Management AB grew its position in shares of Otis Worldwide by 19.6% during the first quarter. Nordea Investment Management AB now owns 463,190 shares of the company's stock worth $46,138,000 after acquiring an additional 75,878 shares during the last quarter. First Eagle Investment Management LLC boosted its stake in Otis Worldwide by 173.7% during the 1st quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company's stock worth $1,990,000 after purchasing an additional 12,722 shares during the period. CIBC Asset Management Inc grew its position in Otis Worldwide by 29.5% during the 4th quarter. CIBC Asset Management Inc now owns 144,536 shares of the company's stock worth $12,932,000 after purchasing an additional 32,886 shares during the last quarter. Appian Way Asset Management LP acquired a new position in Otis Worldwide in the second quarter valued at $991,000. Finally, Cetera Investment Advisers raised its holdings in shares of Otis Worldwide by 259.1% in the first quarter. Cetera Investment Advisers now owns 46,371 shares of the company's stock valued at $4,603,000 after buying an additional 33,457 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Up 1.0 %

OTIS stock traded up $1.05 on Friday, reaching $104.43. 3,657,105 shares of the company's stock were exchanged, compared to its average volume of 2,112,358. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $105.24. The stock has a fifty day moving average of $94.26 and a 200-day moving average of $96.02. The firm has a market cap of $41.83 billion, a PE ratio of 30.10 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.03 by $0.03. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The business's revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.92 EPS. On average, equities research analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.49%. The ex-dividend date was Friday, August 16th. Otis Worldwide's dividend payout ratio (DPR) is 45.09%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several recent research reports. Morgan Stanley started coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an "equal weight" rating and a $97.00 price target 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 research note on Thursday, September 19th. Finally, Wells Fargo & Company decreased their price target on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, July 25th. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $100.00.

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.