Amalgamated Bank Reduces Position in Otis Worldwide Co. (NYSE:OTIS)

Amalgamated Bank cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 80,988 shares of the company’s stock after selling 732 shares during the quarter. Amalgamated Bank’s holdings in Otis Worldwide were worth $8,418,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Otis Worldwide by 3.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 65,152 shares of the company’s stock worth $6,468,000 after buying an additional 2,393 shares in the last quarter. Financial Counselors Inc. purchased a new stake in Otis Worldwide in the first quarter valued at approximately $212,000. Rehmann Capital Advisory Group purchased a new stake in Otis Worldwide in the first quarter valued at approximately $253,000. Empirical Finance LLC raised its stake in Otis Worldwide by 3.4% in the first quarter. Empirical Finance LLC now owns 15,029 shares of the company’s stock valued at $1,492,000 after purchasing an additional 495 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its stake in Otis Worldwide by 21.9% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 22,833 shares of the company’s stock valued at $2,267,000 after purchasing an additional 4,104 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $100.56 on Thursday. Otis Worldwide Co. has a 52-week low of $79.54 and a 52-week high of $106.33. The stock has a market capitalization of $40.17 billion, a price-to-earnings ratio of 25.08 and a beta of 1.04. The company’s 50 day moving average price is $99.37 and its 200-day moving average price is $96.98.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter in the prior year, the business posted $0.95 EPS. The firm’s revenue for the quarter was up .7% on a year-over-year basis. As a group, equities research analysts forecast that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.55%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio is 38.90%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on OTIS shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Barclays lowered their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Morgan Stanley initiated coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Finally, Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $102.00.

Otis Worldwide 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.