Fiduciary Group LLC Lowers Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Fiduciary Group LLC lowered its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,961 shares of the company’s stock after selling 137 shares during the period. Fiduciary Group LLC’s holdings in Otis Worldwide were worth $354,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. raised its position in Otis Worldwide by 47.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after purchasing an additional 2,442,203 shares during the period. Jacobs Levy Equity Management Inc. increased its holdings in shares of Otis Worldwide by 104.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company’s stock worth $124,906,000 after buying an additional 794,626 shares during the period. Qube Research & Technologies Ltd lifted its stake in shares of Otis Worldwide by 119.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 981,574 shares of the company’s stock valued at $78,830,000 after acquiring an additional 533,590 shares during the last quarter. Barclays PLC boosted 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 acquiring an additional 431,542 shares during the period. Finally, Adage Capital Partners GP L.L.C. boosted 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 acquiring an additional 304,669 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the transaction, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Montlivault Stephane De sold 18,393 shares of the company’s 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 transaction, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares in the company, 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.

Analysts Set New Price Targets

Several analysts have weighed in on OTIS shares. 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. Barclays upped their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a report on Thursday, February 22nd. UBS Group upped their price objective on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Finally, Melius started coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating on the stock. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus target price of $96.86.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $93.37 on Tuesday. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35. The stock has a market cap of $37.75 billion, a price-to-earnings ratio of 26.99 and a beta of 1.01. The stock’s 50 day simple moving average is $96.48 and its two-hundred day simple moving average is $89.57.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data 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 negative return on equity of 31.02% and a net margin of 9.99%. The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.44 billion. On average, analysts predict that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.56 annualized dividend and a yield of 1.67%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s payout ratio is presently 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.