Pointe Capital Management LLC Has $387,000 Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Pointe Capital Management LLC reduced its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.5% in the 4th quarter, HoldingsChannel reports. The firm owned 4,326 shares of the company’s stock after selling 250 shares during the period. Pointe Capital Management LLC’s holdings in Otis Worldwide were worth $387,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in OTIS. Sapient Capital LLC bought a new position in shares of Otis Worldwide in the fourth quarter valued at approximately $238,000. Axxcess Wealth Management LLC bought a new position in Otis Worldwide in the 4th quarter valued at $371,000. Merit Financial Group LLC raised its position in Otis Worldwide by 3.9% in the 4th quarter. Merit Financial Group LLC now owns 10,187 shares of the company’s stock valued at $911,000 after purchasing an additional 378 shares during the last quarter. Montis Financial LLC acquired a new position in Otis Worldwide in the fourth quarter worth $221,000. Finally, Natixis Advisors L.P. grew its holdings in shares of Otis Worldwide by 8.5% during the fourth quarter. Natixis Advisors L.P. now owns 154,629 shares of the company’s stock worth $13,833,000 after purchasing an additional 12,083 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on OTIS shares. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research report on Thursday, February 22nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $100.00 price objective on shares of Otis Worldwide in a research report on Monday, February 5th. Wells Fargo & Company lowered their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research note on Thursday, April 25th. JPMorgan Chase & Co. upped their price target on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Finally, Barclays lifted their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $96.86.

Insider Activity

In other news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction that occurred 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 sale, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Otis Worldwide stock traded up $0.35 during midday trading on Friday, reaching $92.12. 1,788,702 shares of the company’s stock were exchanged, compared to its average volume of 1,949,805. The stock’s 50-day simple moving average is $96.44 and its 200 day simple moving average is $89.75. The firm has a market cap of $37.25 billion, a price-to-earnings ratio of 26.62 and a beta of 1.03. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.35.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share 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. Research analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio (DPR) is 39.31%.

About Otis Worldwide

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.