Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Prio Wealth Limited Partnership

Prio Wealth Limited Partnership lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 9.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 285,977 shares of the company's stock after selling 29,251 shares during the quarter. Prio Wealth Limited Partnership owned 0.07% of Otis Worldwide worth $27,528,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Meeder Asset Management Inc. boosted its stake in shares of Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company's stock valued at $26,000 after purchasing an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. raised its stake in shares of Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company's stock worth $28,000 after acquiring an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC lifted its position in Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock valued at $28,000 after acquiring an additional 250 shares during the last quarter. Hantz Financial Services Inc. acquired a new stake in Otis Worldwide in the second quarter valued at approximately $29,000. Finally, LifeSteps Financial Inc. purchased a new position in Otis Worldwide in the first quarter worth $31,000. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on OTIS. Morgan Stanley assumed coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an "equal weight" rating and a $97.00 target price on the stock. Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 25th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Barclays lifted their price objective on shares of Otis Worldwide from $90.00 to $96.00 and gave the company an "equal weight" rating in a report on Wednesday. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $100.86.

Otis Worldwide Stock Performance

OTIS stock traded up $1.04 during midday trading on Wednesday, reaching $104.81. 2,766,278 shares of the company were exchanged, compared to its average volume of 2,125,085. The stock's 50-day simple moving average is $94.59 and its 200 day simple moving average is $96.13. The company has a market cap of $42.38 billion, a price-to-earnings ratio of 30.29 and a beta of 1.03. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $105.24.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (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 company had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.74 billion. During the same period in the previous year, the company posted $0.92 EPS. Otis Worldwide's revenue was down 3.2% compared to the same quarter last year. On average, research analysts anticipate 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. Shareholders of record on Friday, August 16th were issued a $0.39 dividend. The ex-dividend date was Friday, August 16th. This represents a $1.56 annualized dividend and a yield of 1.49%. Otis Worldwide's dividend payout ratio (DPR) is presently 45.09%.

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.