Sumitomo Mitsui Trust Holdings Inc. Sells 19,003 Shares of Otis Worldwide Co. (NYSE:OTIS)

Sumitomo Mitsui Trust Holdings Inc. lessened its holdings in Otis Worldwide Co. (NYSE:OTIS) by 1.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,000,033 shares of the company’s stock after selling 19,003 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Otis Worldwide were worth $89,473,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of OTIS. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Otis Worldwide in the 4th quarter valued at $28,000. Orion Capital Management LLC acquired a new position in Otis Worldwide during the 3rd quarter worth about $30,000. Janiczek Wealth Management LLC lifted its position in Otis Worldwide by 141.1% during the 3rd quarter. Janiczek Wealth Management LLC now owns 381 shares of the company’s stock worth $31,000 after buying an additional 223 shares in the last quarter. NBC Securities Inc. acquired a new position in Otis Worldwide during the 3rd quarter valued at about $33,000. Finally, Resurgent Financial Advisors LLC acquired a new position in Otis Worldwide during the 4th quarter valued at about $33,000. Institutional investors own 88.03% of the company’s stock.

Insider Activity

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 stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the sale, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction on Wednesday, February 7th. The stock was 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 of the company’s stock, valued at approximately $17,660,653.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares in the company, valued at $6,128,661.40. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

OTIS stock opened at $94.96 on Thursday. The stock has a market capitalization of $38.38 billion, a price-to-earnings ratio of 28.01 and a beta of 1.01. The business’s fifty day moving average price is $95.93 and its two-hundred day moving average price is $88.68. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. The company had revenue of $3.62 billion for the quarter, compared to analysts’ expectations of $3.57 billion. During the same quarter last year, the business earned $0.75 earnings per share. Research analysts expect that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.36 annualized dividend and a dividend yield of 1.43%. Otis Worldwide’s dividend payout ratio is 40.12%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Melius assumed coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating for the company. UBS Group raised their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, February 1st. Barclays increased their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $100.00 price objective on shares of Otis Worldwide in a report on Monday, February 5th. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $94.29.

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.