Cambridge Investment Research Advisors Inc. Cuts Position in Otis Worldwide Co. (NYSE:OTIS)

Cambridge Investment Research Advisors Inc. lowered its position in Otis Worldwide Co. (NYSE:OTISGet Rating) by 3.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 32,143 shares of the company’s stock after selling 1,306 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Otis Worldwide were worth $2,799,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Otis Worldwide by 3.9% in the third quarter. BlackRock Inc. now owns 36,709,140 shares of the company’s stock valued at $3,020,428,000 after buying an additional 1,372,775 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Otis Worldwide by 6.5% in the third quarter. Geode Capital Management LLC now owns 8,571,437 shares of the company’s stock valued at $704,002,000 after buying an additional 520,103 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Otis Worldwide by 0.5% in the third quarter. Bank of New York Mellon Corp now owns 7,082,169 shares of the company’s stock valued at $582,722,000 after buying an additional 38,736 shares in the last quarter. Invesco Ltd. increased its position in shares of Otis Worldwide by 0.8% in the third quarter. Invesco Ltd. now owns 6,191,893 shares of the company’s stock valued at $509,468,000 after buying an additional 49,325 shares in the last quarter. Finally, Sarasin & Partners LLP boosted its stake in shares of Otis Worldwide by 5.0% during the fourth quarter. Sarasin & Partners LLP now owns 3,664,378 shares of the company’s stock valued at $319,057,000 after acquiring an additional 174,885 shares during the last quarter. Institutional investors and hedge funds own 81.27% of the company’s stock.

NYSE:OTIS opened at $73.42 on Friday. The firm has a market cap of $31.04 billion, a price-to-earnings ratio of 25.40 and a beta of 0.94. The company’s 50-day moving average is $76.29 and its two-hundred day moving average is $81.13. Otis Worldwide Co. has a 12-month low of $70.74 and a 12-month high of $92.84.

Otis Worldwide (NYSE:OTISGet Rating) last posted its quarterly earnings data on Monday, January 31st. The company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.04. The business had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 8.71% and a negative return on equity of 39.58%. The company’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.66 earnings per share. As a group, equities analysts predict that Otis Worldwide Co. will post 3.28 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, March 10th. Shareholders of record on Friday, February 18th were paid a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 17th. This represents a $0.96 annualized dividend and a yield of 1.31%. Otis Worldwide’s payout ratio is currently 33.22%.

Otis Worldwide Profile (Get Rating)

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.

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

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