Shell Asset Management Co. Cuts Position in Otis Worldwide Co. (NYSE:OTIS)

Shell Asset Management Co. lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTISFree Report) by 21.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,388 shares of the company’s stock after selling 4,780 shares during the quarter. Shell Asset Management Co.’s holdings in Otis Worldwide were worth $1,556,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Cetera Trust Company N.A purchased a new stake in shares of Otis Worldwide during the fourth quarter worth about $27,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Otis Worldwide during the 4th quarter worth approximately $28,000. Orion Capital Management LLC acquired a new position in shares of Otis Worldwide during the third quarter valued at approximately $30,000. Pacific Capital Wealth Advisors Inc. purchased a new position in shares of Otis Worldwide in the fourth quarter valued at approximately $35,000. Finally, TFO Wealth Partners LLC boosted its stake in shares of Otis Worldwide by 10,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 420 shares of the company’s stock worth $38,000 after acquiring an additional 416 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

OTIS stock opened at $97.75 on Tuesday. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.84. The firm has a market cap of $39.52 billion, a PE ratio of 28.25 and a beta of 1.04. The firm’s 50 day moving average price is $96.30 and its 200-day moving average price is $92.98.

Otis Worldwide (NYSE:OTISGet Free Report) last posted its earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. The company had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. Equities research analysts predict 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 was paid on Friday, June 7th. Shareholders of record on Friday, May 17th were paid a $0.39 dividend. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.60%. Otis Worldwide’s payout ratio is 45.09%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Argus increased their price objective on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. JPMorgan Chase & Co. raised their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Melius initiated coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating for the company. Barclays increased their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Finally, Wells Fargo & Company lowered their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $97.71.

Read Our Latest Stock Report on OTIS

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the transaction, the executive vice president now owns 15,570 shares in the company, valued at approximately $1,458,753.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.23% of the company’s stock.

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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