Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Heritage Investors Management Corp

Heritage Investors Management Corp decreased its position in Otis Worldwide Co. (NYSE:OTIS) by 0.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 24,987 shares of the company’s stock after selling 110 shares during the period. Heritage Investors Management Corp’s holdings in Otis Worldwide were worth $2,236,000 at the end of the most recent reporting period.

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

Insider Buying and Selling

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the transaction, the executive vice president now owns 15,570 shares in the company, valued at approximately $1,458,753.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Peiming Zheng sold 30,364 shares of the firm’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 sale, the executive vice president now owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Montlivault Stephane De sold 18,393 shares of the company’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 completion of the sale, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Performance

Otis Worldwide stock traded up $1.64 during midday trading on Thursday, reaching $96.16. The stock had a trading volume of 1,800,342 shares, compared to its average volume of 2,009,988. The stock has a market capitalization of $38.88 billion, a PE ratio of 27.79 and a beta of 1.03. The stock’s 50-day simple moving average is $96.42 and its 200 day simple moving average is $90.14. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.35.

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

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders 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. The ex-dividend date is Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.62%. Otis Worldwide’s dividend payout ratio is presently 39.31%.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of recent research reports. JPMorgan Chase & Co. lifted their price objective on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Melius initiated coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $100.00 price target on shares of Otis Worldwide in a report on Monday, February 5th. UBS Group raised their price objective on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. Finally, Argus upgraded 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. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $96.86.

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.