South State Corp Has $536,000 Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

South State Corp cut its holdings in Otis Worldwide Co. (NYSE:OTIS) by 20.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,558 shares of the company’s stock after selling 1,645 shares during the quarter. South State Corp’s holdings in Otis Worldwide were worth $536,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Victory Capital Management Inc. lifted its stake in shares of Otis Worldwide by 20.1% in the first quarter. Victory Capital Management Inc. now owns 358,447 shares of the company’s stock worth $24,536,000 after buying an additional 60,047 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Otis Worldwide by 23.5% in the first quarter. Envestnet Asset Management Inc. now owns 185,313 shares of the company’s stock worth $12,685,000 after buying an additional 35,311 shares during the last quarter. IFM Investors Pty Ltd lifted its stake in shares of Otis Worldwide by 14.0% in the first quarter. IFM Investors Pty Ltd now owns 45,223 shares of the company’s stock worth $3,096,000 after buying an additional 5,565 shares during the last quarter. Cullen Frost Bankers Inc. lifted its stake in shares of Otis Worldwide by 14.3% in the first quarter. Cullen Frost Bankers Inc. now owns 81,013 shares of the company’s stock worth $5,545,000 after buying an additional 10,166 shares during the last quarter. Finally, Wade G W & Inc. lifted its stake in shares of Otis Worldwide by 17.3% in the first quarter. Wade G W & Inc. now owns 4,172 shares of the company’s stock worth $286,000 after buying an additional 614 shares during the last quarter. Hedge funds and other institutional investors own 82.29% of the company’s stock.

OTIS has been the subject of a number of analyst reports. Cowen restated an “outperform” rating and issued a $88.44 price objective (down from $90.00) on shares of Otis Worldwide in a research note on Tuesday, July 27th. Argus reaffirmed a “buy” rating and set a $88.44 target price (up previously from $84.00) on shares of Otis Worldwide in a research report on Tuesday, July 27th. Royal Bank of Canada initiated coverage on shares of Otis Worldwide in a research report on Tuesday, July 6th. They set an “outperform” rating and a $95.00 target price on the stock. Credit Suisse Group boosted their target price on shares of Otis Worldwide from $84.00 to $91.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 27th. Finally, Barclays boosted their target price on shares of Otis Worldwide from $78.00 to $86.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 27th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Otis Worldwide currently has an average rating of “Buy” and an average target price of $84.10.

Shares of Otis Worldwide stock opened at $90.36 on Wednesday. The firm has a market capitalization of $38.56 billion, a PE ratio of 33.97 and a beta of 0.85. The company’s fifty day moving average price is $89.11 and its two-hundred day moving average price is $79.72. Otis Worldwide Co. has a 52-week low of $58.04 and a 52-week high of $92.84.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Sunday, July 25th. The company reported $0.79 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.08. Otis Worldwide had a net margin of 8.30% and a negative return on equity of 37.04%. The business had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.46 billion. As a group, sell-side analysts forecast that Otis Worldwide Co. will post 2.97 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 10th. Stockholders of record on Friday, August 20th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.06%. The ex-dividend date was Thursday, August 19th. Otis Worldwide’s payout ratio is 38.10%.

In related news, insider Fernandez Bernardo Calleja sold 1,597 shares of the company’s stock in a transaction dated Wednesday, July 28th. The shares were sold at an average price of $87.80, for a total transaction of $140,216.60. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Michael Patrick Ryan sold 2,220 shares of the company’s stock in a transaction dated Wednesday, July 28th. The shares were sold at an average price of $87.44, for a total transaction of $194,116.80. The disclosure for this sale can be found here. 0.05% of the stock is currently owned by corporate insiders.

Otis Worldwide Company 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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