Quantitative Systematic Strategies LLC Sells 1,932 Shares of Otis Worldwide Co. (NYSE:OTIS)

Quantitative Systematic Strategies LLC lessened its holdings in Otis Worldwide Co. (NYSE:OTIS) by 11.4% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 15,056 shares of the company’s stock after selling 1,932 shares during the period. Quantitative Systematic Strategies LLC’s holdings in Otis Worldwide were worth $1,231,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Elmwood Wealth Management Inc. bought a new position in Otis Worldwide in the 1st quarter valued at $25,000. KB Financial Partners LLC bought a new position in shares of Otis Worldwide during the 1st quarter worth $27,000. Heritage Wealth Advisors bought a new position in shares of Otis Worldwide during the 2nd quarter worth $29,000. SRS Capital Advisors Inc. bought a new position in shares of Otis Worldwide during the 2nd quarter worth $34,000. Finally, Aspire Private Capital LLC bought a new position in shares of Otis Worldwide during the 1st quarter worth $38,000. 82.29% of the stock is currently owned by institutional investors.

Otis Worldwide stock traded down $1.89 during midday trading on Monday, reaching $83.13. The company’s stock had a trading volume of 92,563 shares, compared to its average volume of 2,478,344. The stock’s 50-day simple moving average is $89.36 and its 200-day simple moving average is $80.19. Otis Worldwide Co. has a 52-week low of $58.67 and a 52-week high of $92.84. The stock has a market capitalization of $35.48 billion, a P/E ratio of 31.96 and a beta of 0.85.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Sunday, July 25th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.08. Otis Worldwide had a negative return on equity of 37.04% and a net margin of 8.30%. The firm had revenue of $3.70 billion during the quarter, compared to analysts’ expectations of $3.46 billion. Equities research analysts predict that Otis Worldwide Co. will post 2.97 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 10th. Stockholders of record on Friday, August 20th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend 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 firm’s stock in a transaction dated 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 SEC, which can be accessed through the SEC website. Also, CAO Michael Patrick Ryan sold 2,220 shares of the firm’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. Company insiders own 0.05% of the company’s stock.

A number of brokerages recently weighed in on OTIS. Royal Bank of Canada began coverage on Otis Worldwide in a research note on Tuesday, July 6th. They set an “outperform” rating and a $95.00 price objective for the company. Barclays upped their price objective on Otis Worldwide from $78.00 to $86.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 27th. Argus restated a “buy” rating and set a $88.44 price objective (up from $84.00) on shares of Otis Worldwide in a research note on Tuesday, July 27th. Cowen restated an “outperform” rating and set a $88.44 price objective (down from $90.00) on shares of Otis Worldwide in a research note on Tuesday, July 27th. Finally, Zacks Investment Research cut Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Wednesday, June 30th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $84.10.

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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