Goodman Advisory Group LLC Sells 17,320 Shares of Otis Worldwide Co. (NYSE:OTIS)

Goodman Advisory Group LLC trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 68.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,845 shares of the company's stock after selling 17,320 shares during the period. Goodman Advisory Group LLC's holdings in Otis Worldwide were worth $755,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Susquehanna Fundamental Investments LLC acquired a new position in Otis Worldwide during the second quarter valued at approximately $3,188,000. Legal & General Group Plc raised its stake in shares of Otis Worldwide by 0.4% during the 2nd quarter. Legal & General Group Plc now owns 3,660,401 shares of the company's stock worth $352,351,000 after purchasing an additional 15,021 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Otis Worldwide by 58.6% in the 2nd quarter. Mackenzie Financial Corp now owns 53,499 shares of the company's stock valued at $5,150,000 after buying an additional 19,760 shares during the last quarter. MBB Public Markets I LLC bought a new position in shares of Otis Worldwide in the second quarter valued at $2,887,000. Finally, Deerfield Management Company L.P. Series C acquired a new position in Otis Worldwide during the second quarter worth $313,000. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Trading Up 1.0 %

OTIS stock traded up $1.05 during mid-day trading on Friday, hitting $104.43. 3,657,107 shares of the company were exchanged, compared to its average volume of 2,112,358. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $105.24. The stock has a market capitalization of $42.22 billion, a PE ratio of 30.18 and a beta of 1.03. The business has a 50 day simple moving average of $94.39 and a 200-day simple moving average of $96.08.

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

Otis Worldwide Announces Dividend

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

Wall Street Analyst Weigh In

OTIS has been the subject of a number of recent analyst reports. Wells Fargo & Company cut their price target 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. 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, Morgan Stanley started coverage on Otis Worldwide in a research report on Friday, September 6th. They set an "equal weight" rating and a $97.00 price target on the stock. Seven investment 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, Otis Worldwide has an average rating of "Hold" and a consensus target price of $100.00.

Otis Worldwide Company 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.