Gofen & Glossberg LLC IL Increases Holdings in Otis Worldwide Co. (NYSE:OTIS)

Gofen & Glossberg LLC IL increased its stake in shares of Otis Worldwide Co. (NYSE:OTISGet Rating) by 6.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 78,038 shares of the company’s stock after buying an additional 4,913 shares during the quarter. Gofen & Glossberg LLC IL’s holdings in Otis Worldwide were worth $5,515,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Loomis Sayles & Co. L P increased its stake in Otis Worldwide by 6.9% during the fourth quarter. Loomis Sayles & Co. L P now owns 2,078 shares of the company’s stock worth $181,000 after acquiring an additional 134 shares during the last quarter. Avity Investment Management Inc. grew its stake in shares of Otis Worldwide by 4.5% in the first quarter. Avity Investment Management Inc. now owns 3,457 shares of the company’s stock valued at $266,000 after buying an additional 150 shares in the last quarter. CVA Family Office LLC grew its stake in shares of Otis Worldwide by 47.6% in the first quarter. CVA Family Office LLC now owns 465 shares of the company’s stock valued at $36,000 after buying an additional 150 shares in the last quarter. Calamos Wealth Management LLC grew its stake in shares of Otis Worldwide by 5.3% in the first quarter. Calamos Wealth Management LLC now owns 3,031 shares of the company’s stock valued at $233,000 after buying an additional 153 shares in the last quarter. Finally, Allworth Financial LP grew its stake in shares of Otis Worldwide by 7.3% in the second quarter. Allworth Financial LP now owns 2,272 shares of the company’s stock valued at $161,000 after buying an additional 155 shares in the last quarter. Hedge funds and other institutional investors own 83.16% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on OTIS. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $100.00 to $62.00 in a research note on Thursday, July 7th. Exane BNP Paribas cut Otis Worldwide from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $95.00 to $80.00 in a research note on Tuesday, July 5th. BNP Paribas cut Otis Worldwide from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $95.00 to $80.00 in a research note on Tuesday, July 5th. Berenberg Bank lowered their target price on Otis Worldwide from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, June 22nd. Finally, Barclays lowered their target price on Otis Worldwide from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, July 8th. 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, the stock presently has an average rating of “Hold” and a consensus price target of $77.40.

Insider Activity

In other news, CFO Rahul Ghai sold 2,618 shares of the business’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $78.55, for a total value of $205,643.90. Following the completion of the sale, the chief financial officer now directly owns 7,063 shares of the company’s stock, valued at approximately $554,798.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Rahul Ghai sold 2,618 shares of the business’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $78.55, for a total value of $205,643.90. Following the transaction, the chief financial officer now owns 7,063 shares in the company, valued at approximately $554,798.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nora E. Lafreniere sold 13,576 shares of the business’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $76.54, for a total value of $1,039,107.04. Following the completion of the transaction, the executive vice president now owns 12,376 shares in the company, valued at approximately $947,259.04. The disclosure for this sale can be found here. Company insiders own 0.11% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $65.45 on Friday. The company has a market capitalization of $27.50 billion, a price-to-earnings ratio of 22.49 and a beta of 0.91. The business has a 50-day moving average of $74.68 and a two-hundred day moving average of $74.07. Otis Worldwide Co. has a 1 year low of $65.36 and a 1 year high of $88.22.

Otis Worldwide (NYSE:OTISGet Rating) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.08. The company had revenue of $3.49 billion during the quarter, compared to the consensus estimate of $3.56 billion. Otis Worldwide had a negative return on equity of 32.91% and a net margin of 8.83%. Otis Worldwide’s revenue for the quarter was down 5.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.79 EPS. As a group, equities research analysts expect that Otis Worldwide Co. will post 3.2 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Saturday, September 10th. Stockholders of record on Friday, August 19th were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 1.77%. The ex-dividend date was Thursday, August 18th. Otis Worldwide’s payout ratio is currently 39.86%.

About Otis Worldwide

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Otis Worldwide Corporation manufactures, installs, and services 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.

Further Reading

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

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