TIAA Trust National Association Sells 3,304 Shares of Otis Worldwide Co. (NYSE:OTIS)

TIAA Trust National Association decreased its stake in shares of Otis Worldwide Co. (NYSE:OTISFree Report) by 14.8% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 19,056 shares of the company’s stock after selling 3,304 shares during the period. TIAA Trust National Association’s holdings in Otis Worldwide were worth $1,705,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Otis Worldwide by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 39,127,186 shares of the company’s stock valued at $3,010,837,000 after acquiring an additional 829,784 shares in the last quarter. State Street Corp raised its stake in Otis Worldwide by 1.5% in the 2nd quarter. State Street Corp now owns 16,043,265 shares of the company’s stock valued at $1,428,011,000 after acquiring an additional 236,353 shares during the period. Morgan Stanley raised its stake in Otis Worldwide by 5.4% in the 4th quarter. Morgan Stanley now owns 13,210,697 shares of the company’s stock valued at $1,034,530,000 after acquiring an additional 681,992 shares during the period. Alliancebernstein L.P. raised its stake in Otis Worldwide by 32.5% in the 2nd quarter. Alliancebernstein L.P. now owns 12,239,672 shares of the company’s stock valued at $1,089,453,000 after acquiring an additional 2,999,494 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in Otis Worldwide by 47.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after acquiring an additional 2,442,203 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the topic of several analyst reports. Melius initiated coverage on Otis Worldwide in a research report on Tuesday. They set a “hold” rating on the stock. Barclays raised their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research report on Thursday, February 22nd. Vertical Research lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $100.00 price objective on shares of Otis Worldwide in a research report on Monday, February 5th. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $94.29.

View Our Latest Stock Analysis on Otis Worldwide

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $98.25 on Thursday. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.35. The firm has a market cap of $39.84 billion, a PE ratio of 28.98 and a beta of 1.01. The company has a 50 day simple moving average of $94.53 and a two-hundred day simple moving average of $87.54.

Otis Worldwide (NYSE:OTISGet Free Report) last announced its earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.02. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. The business had revenue of $3.62 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same period in the previous year, the business posted $0.75 earnings per share. As a group, research analysts anticipate that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were given a dividend of $0.34 per share. The ex-dividend date was Thursday, February 15th. This represents a $1.36 annualized dividend and a yield of 1.38%. Otis Worldwide’s payout ratio is presently 40.12%.

Insider Buying and Selling at Otis Worldwide

In other news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the sale, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by company insiders.

About Otis Worldwide

(Free Report)

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.

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

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