Northwestern Mutual Wealth Management Co. Has $1.05 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Northwestern Mutual Wealth Management Co. cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.5% in the second quarter, Holdings Channel reports. The fund owned 12,785 shares of the company’s stock after selling 457 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Otis Worldwide were worth $1,045,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. River Wealth Advisors LLC raised its holdings in shares of Otis Worldwide by 1.7% in the second quarter. River Wealth Advisors LLC now owns 7,138 shares of the company’s stock valued at $584,000 after buying an additional 116 shares during the last quarter. NorthRock Partners LLC grew its position in shares of Otis Worldwide by 4.1% during the 2nd quarter. NorthRock Partners LLC now owns 3,095 shares of the company’s stock worth $253,000 after buying an additional 123 shares during the period. Cpwm LLC grew its position in shares of Otis Worldwide by 3.7% during the 1st quarter. Cpwm LLC now owns 3,710 shares of the company’s stock worth $254,000 after buying an additional 131 shares during the period. Quadrant Capital Group LLC grew its position in shares of Otis Worldwide by 5.9% during the 2nd quarter. Quadrant Capital Group LLC now owns 2,341 shares of the company’s stock worth $191,000 after buying an additional 131 shares during the period. Finally, Orion Portfolio Solutions LLC grew its position in shares of Otis Worldwide by 3.6% in the 2nd quarter. Orion Portfolio Solutions LLC now owns 3,921 shares of the company’s stock valued at $321,000 after purchasing an additional 136 shares during the period. 82.29% of the stock is owned by institutional investors.

Several equities research analysts have commented on OTIS shares. Argus restated a “buy” rating and issued a $88.44 target price (up previously from $84.00) on shares of Otis Worldwide in a research note on Tuesday, July 27th. Royal Bank of Canada assumed coverage on Otis Worldwide in a research note on Tuesday, July 6th. They issued an “outperform” rating and a $95.00 price target on the stock. Zacks Investment Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a report on Wednesday, June 30th. Credit Suisse Group upped their price objective on Otis Worldwide from $84.00 to $91.00 and gave the company a “neutral” rating in a report on Tuesday, July 27th. Finally, Cowen reissued an “outperform” rating and set a $88.44 target price (down from $90.00) on shares of Otis Worldwide in a report on Tuesday, July 27th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $82.49.

Shares of Otis Worldwide stock opened at $81.28 on Thursday. The business’s fifty day simple moving average is $87.88 and its 200 day simple moving average is $82.17. The firm has a market capitalization of $34.69 billion, a P/E ratio of 30.56 and a beta of 0.85. Otis Worldwide Co. has a 12 month low of $58.77 and a 12 month high of $92.84.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Sunday, July 25th. The company reported $0.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.08. The firm had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.46 billion. Otis Worldwide had a negative return on equity of 37.04% and a net margin of 8.30%. On average, research analysts anticipate that Otis Worldwide Co. will post 2.97 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 10th. Investors of record on Friday, August 20th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.18%. The ex-dividend date was Thursday, August 19th. Otis Worldwide’s payout ratio is 38.10%.

In other Otis Worldwide news, insider Fernandez Bernardo Calleja sold 1,597 shares of the company’s stock in a transaction that occurred on Wednesday, July 28th. The stock was sold at an average price of $87.80, for a total transaction of $140,216.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Michael Patrick Ryan sold 2,220 shares of the company’s stock in a transaction that occurred on Wednesday, July 28th. The shares were sold at an average price of $87.44, for a total value of $194,116.80. The disclosure for this sale can be found here. 0.05% of the stock is owned by insiders.

Otis Worldwide Profile

Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. The company operates through 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.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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