Victory Capital Management Inc. Has $28.62 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

Victory Capital Management Inc. decreased its position in Otis Worldwide Co. (NYSE:OTIS) by 11.1% in the fourth quarter, HoldingsChannel reports. The firm owned 319,864 shares of the company’s stock after selling 40,112 shares during the period. Victory Capital Management Inc.’s holdings in Otis Worldwide were worth $28,618,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of Otis Worldwide by 54.5% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,772 shares of the company’s stock worth $544,000 after buying an additional 2,390 shares during the period. Stevens Capital Management LP boosted its position in Otis Worldwide by 142.1% during the 4th quarter. Stevens Capital Management LP now owns 7,555 shares of the company’s stock worth $676,000 after acquiring an additional 4,435 shares during the period. International Assets Investment Management LLC grew its stake in Otis Worldwide by 13,638.0% during the 4th quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock valued at $13,570,000 after acquiring an additional 150,563 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Otis Worldwide by 176.4% in the 4th quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock valued at $10,378,000 after purchasing an additional 74,030 shares during the period. Finally, Smith Salley & Associates purchased a new stake in shares of Otis Worldwide in the fourth quarter worth approximately $1,113,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Activity

In related news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.23% of the stock is owned by company insiders.

Otis Worldwide Trading Up 0.9 %

NYSE:OTIS opened at $93.89 on Wednesday. The firm has a market capitalization of $37.96 billion, a PE ratio of 27.14 and a beta of 1.03. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.35. The firm’s fifty day simple moving average is $96.43 and its 200 day simple moving average is $90.00.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. As a group, analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be given a $0.39 dividend. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a yield of 1.66%. The ex-dividend date is Thursday, May 16th. Otis Worldwide’s payout ratio is currently 39.31%.

Analysts Set New Price Targets

OTIS has been the topic of several research reports. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 25th. Argus raised 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. UBS Group upped their target price on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a report on Monday, February 5th. Finally, Melius started coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating for the company. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $96.86.

Otis Worldwide Company 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.