Otis Worldwide Corporation (NYSE:OTIS) Shares Sold by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC decreased its position in Otis Worldwide Corporation (NYSE:OTIS) by 0.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 209,380 shares of the company’s stock after selling 1,724 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.05% of Otis Worldwide worth $21,608,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Private Advisor Group LLC raised its holdings in Otis Worldwide by 2.8% in the 4th quarter. Private Advisor Group LLC now owns 21,404 shares of the company’s stock valued at $1,982,000 after acquiring an additional 591 shares during the last quarter. Wealthspire Advisors LLC grew its position in shares of Otis Worldwide by 8.4% in the fourth quarter. Wealthspire Advisors LLC now owns 2,465 shares of the company’s stock valued at $228,000 after purchasing an additional 190 shares during the period. Howard Capital Management Inc. increased its stake in Otis Worldwide by 5.3% in the fourth quarter. Howard Capital Management Inc. now owns 2,741 shares of the company’s stock valued at $254,000 after purchasing an additional 139 shares during the last quarter. IFP Advisors Inc lifted its position in Otis Worldwide by 8.8% during the fourth quarter. IFP Advisors Inc now owns 1,676 shares of the company’s stock worth $155,000 after buying an additional 136 shares during the period. Finally, Lake Street Advisors Group LLC lifted its position in Otis Worldwide by 7.2% during the fourth quarter. Lake Street Advisors Group LLC now owns 2,297 shares of the company’s stock worth $213,000 after buying an additional 154 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on OTIS shares. JPMorgan Chase & Co. lifted their price target on Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, May 16th. Barclays lowered their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a report on Friday, April 25th. Royal Bank Of Canada cut their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. Finally, Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $100.71.

Otis Worldwide Stock Performance

NYSE OTIS opened at $96.69 on Thursday. The firm has a market capitalization of $38.16 billion, a price-to-earnings ratio of 25.38 and a beta of 0.98. Otis Worldwide Corporation has a one year low of $89.70 and a one year high of $106.83. The company’s 50 day moving average price is $96.25 and its 200 day moving average price is $96.74.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The business had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same quarter last year, the firm posted $0.88 EPS. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. Sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were given a $0.42 dividend. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.68 annualized dividend and a dividend yield of 1.74%. Otis Worldwide’s dividend payout ratio is presently 44.09%.

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.