California Public Employees Retirement System Sells 37,650 Shares of Otis Worldwide Co. (NYSE:OTIS)

California Public Employees Retirement System lessened its holdings in Otis Worldwide Co. (NYSE:OTIS) by 4.8% during the 4th quarter, Holdings Channel.com reports. The firm owned 753,463 shares of the company’s stock after selling 37,650 shares during the period. California Public Employees Retirement System’s holdings in Otis Worldwide were worth $67,412,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in OTIS. JPMorgan Chase & Co. grew its holdings in Otis Worldwide by 47.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after buying an additional 2,442,203 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in Otis Worldwide by 104.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company’s stock valued at $124,906,000 after buying an additional 794,626 shares in the last quarter. Qube Research & Technologies Ltd grew its holdings in Otis Worldwide by 119.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 981,574 shares of the company’s stock valued at $78,830,000 after buying an additional 533,590 shares in the last quarter. Barclays PLC grew its holdings in Otis Worldwide by 82.1% during the 3rd quarter. Barclays PLC now owns 957,288 shares of the company’s stock valued at $76,878,000 after buying an additional 431,542 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its holdings in Otis Worldwide by 64.9% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 774,386 shares of the company’s stock valued at $62,191,000 after buying an additional 304,669 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on OTIS shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 price objective on shares of Otis Worldwide in a report on Monday, February 5th. Barclays lifted their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. UBS Group lifted their price objective on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. Vertical Research lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Finally, Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research note on Thursday, February 22nd. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $96.86.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $93.02 on Friday. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.35. The company has a market capitalization of $37.60 billion, a PE ratio of 26.88 and a beta of 1.01. The company has a 50-day simple moving average of $96.42 and a two-hundred day simple moving average of $89.27.

Otis Worldwide (NYSE:OTIS) last issued its quarterly 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. On average, equities analysts predict that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be issued a $0.39 dividend. The ex-dividend date is Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.68%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio (DPR) is presently 39.31%.

Insiders Place Their Bets

In related news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company’s stock.

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.