BTC Capital Management Inc., a prominent institutional investor, recently disclosed a reduction in its position in Otis Worldwide Co. (NYSE:OTIS) during the second quarter of this year. According to its latest filing with the Securities and Exchange Commission (SEC), BTC Capital Management Inc. sold 1,554 shares of the company’s stock, resulting in a decrease of 2.8% in their holdings. As of the filing date, BTC Capital Management Inc.’s ownership in Otis Worldwide amounted to 54,829 shares, valued at approximately $4,870,000.

In regards to Otis Worldwide’s financial performance, the company released its quarterly earnings data on Wednesday, July 26th. The reported earnings per share for the quarter were $0.92, surpassing the consensus estimate by $0.06. This positive deviation reflected favorably on the company’s financial health and stability.

Otis Worldwide also exhibited a negative return on equity of 28.62%, indicating that the company experienced difficulties in generating profits from shareholders’ investments during this period. On a more positive note, the net margin for Otis Worldwide was measured at 9.59%, reflecting reasonable profitability levels despite the challenges faced by the company.

Moreover, Otis Worldwide achieved revenue of $3.72 billion during this specific quarter – exceeding market expectations which had forecasted revenues of around $3.59 billion for the same period. This represents an impressive year-over-year growth rate of 6.7% in terms of revenue generation.

Looking ahead into future quarters, equities research analysts anticipate that Otis Worldwide will deliver earnings per share (EPS) amounting to approximately 3.47 for this current fiscal year.

Overall, it can be inferred from these findings that while BTC Capital Management Inc.’s decreased position may suggest some investor caution towards Otis Worldwide Co., the company has displayed resilience and improved financial performance based on its latest earnings report. Investors will continue to closely monitor Otis Worldwide’s performance indicators and updates to gauge the company’s trajectory in the coming quarters.

Adjustments in Institutional Investor Positions and Analyst Ratings for Otis Worldwide

Institutional investors have been making adjustments to their positions in Otis Worldwide, as revealed in recent reports. American Century Companies Inc. saw an increase of 8.6% in its position during the first quarter, now owning 7,817 shares worth $601,000. Cibc World Market Inc. also raised its holdings by 3.0%, now owning 11,669 shares valued at $898,000. Moors & Cabot Inc. experienced a 7.7% hike in its stake and currently owns 6,574 shares worth $506,000. Additionally, Sequoia Financial Advisors LLC boosted its holdings by 25.3%, resulting in ownership of 3,536 shares worth $272,000. Brighton Jones LLC increased its position by 5.0%, now owning 3,876 shares valued at $298,000.

These changes made by institutional investors reflect an overall ownership of approximately 85.48% of Otis Worldwide’s stock.

On Monday, OTIS traded up to $81.49 with a volume of 99,858 shares compared to its average volume of 1,830,911 shares traded daily. The company has a market capitalization of $33.55 billion and holds a price-to-earnings ratio of 25.59 with a beta value of 0.97.

Looking at the company’s past performance on the market reveals that it has had a range between a twelve-month low of $62.49 and a twelve-month high of $91.33.

Recently, Otis Worldwide declared its quarterly dividend payment which was distributed on Friday, September 8th to investors who held record on Friday August 18th.The dividend payout amounted to $0.34 per share resulting in an annualized dividend yield of approximately1 .67%. Notably,the ex-dividend date was on Thursday August I7th.The company’s payout ratio stands at 42.90%

OTIS has been the focus of several research analyst reports. HSBC, for instance, raised its target price on OTIS shares from $81.00 to $88.00 in a report on Friday, June 23rd. Conversely, Barclays lowered their target price to $76.00 from an initial projection of $80.00 in their report released on Thursday September 7th.

Furthermore, Wells Fargo & Company increased their price target on Otis Worldwide shares from $88.00 to $90, noting that it eventually reached its current level. Royal Bank of Canada also chimed in by boosting their price objective to range from $96.00 to $100.00.

In conclusion,the financial market experts have determined the consensus rating of “Hold” for Otis Worldwide based on averaged ratings from various analysts as reported by Bloomberg.com.The consensus average target price set for the stock is currently at approximately$87.86