Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Brown Shipley& Co Ltd

Brown Shipley& Co Ltd cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 45,395 shares of the company’s stock after selling 2,409 shares during the period. Otis Worldwide accounts for approximately 2.1% of Brown Shipley& Co Ltd’s portfolio, making the stock its 15th biggest holding. Brown Shipley& Co Ltd’s holdings in Otis Worldwide were worth $4,204,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Orion Capital Management LLC acquired a new position in shares of Otis Worldwide during the fourth quarter worth approximately $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Otis Worldwide by 9.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,602,727 shares of the company’s stock worth $333,649,000 after purchasing an additional 316,890 shares in the last quarter. Waverly Advisors LLC bought a new stake in Otis Worldwide during the fourth quarter worth approximately $404,000. iSAM Funds UK Ltd raised its holdings in Otis Worldwide by 112.9% during the fourth quarter. iSAM Funds UK Ltd now owns 10,309 shares of the company’s stock worth $955,000 after purchasing an additional 5,466 shares in the last quarter. Finally, Vident Advisory LLC raised its holdings in Otis Worldwide by 14.4% during the fourth quarter. Vident Advisory LLC now owns 8,096 shares of the company’s stock worth $750,000 after purchasing an additional 1,022 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

NYSE OTIS opened at $97.67 on Thursday. The stock has a market capitalization of $38.55 billion, a P/E ratio of 24.06 and a beta of 1.01. Otis Worldwide Co. has a 1 year low of $89.70 and a 1 year high of $106.83. The business’s fifty day moving average is $97.90 and its two-hundred day moving average is $97.60.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.01. The company had revenue of $3.35 billion for the quarter, compared to analysts’ expectations of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The firm’s revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 earnings per share. On average, research analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be paid a dividend of $0.42 per share. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.72%. The ex-dividend date is Friday, May 16th. Otis Worldwide’s payout ratio is 44.09%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the sale, the insider now directly owns 63,931 shares of the company’s stock, valued at $6,731,934.30. The trade was a 9.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on OTIS. Wells Fargo & Company dropped their target price on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th. JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $88.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, May 16th. Royal Bank of Canada dropped their target price on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. Finally, Barclays dropped their target price on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Friday, April 25th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $100.71.

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.