Fisher Asset Management LLC Has $98.32 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Fisher Asset Management LLC trimmed its position in Otis Worldwide Co. (NYSE:OTIS) by 0.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,098,885 shares of the company’s stock after selling 3,949 shares during the quarter. Fisher Asset Management LLC owned approximately 0.27% of Otis Worldwide worth $98,317,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its stake in shares of Otis Worldwide by 47.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after purchasing an additional 2,442,203 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in shares of Otis Worldwide by 104.5% in 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 acquiring an additional 794,626 shares during the last quarter. Qube Research & Technologies Ltd raised its position 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 period. Barclays PLC boosted its stake in Otis Worldwide by 82.1% during the 3rd quarter. Barclays PLC now owns 957,288 shares of the company’s stock worth $76,878,000 after acquiring an additional 431,542 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its holdings in Otis Worldwide by 64.9% during the third quarter. Adage Capital Partners GP L.L.C. now owns 774,386 shares of the company’s stock valued at $62,191,000 after purchasing an additional 304,669 shares during the period. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $92.12 on Friday. The stock has a 50 day moving average price of $96.44 and a 200 day moving average price of $89.75. The stock has a market capitalization of $37.25 billion, a PE ratio of 26.62 and a beta of 1.03. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.35.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) 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 company had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. As a group, research analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently disclosed 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 represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date is Thursday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio (DPR) is 39.31%.

Analyst Ratings Changes

OTIS has been the topic of several analyst reports. JPMorgan Chase & Co. increased their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Melius began coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating on the stock. Barclays increased their price target on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research report on Thursday, February 22nd. Finally, Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $96.86.

Insider Transactions at Otis Worldwide

In related news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated 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 in the company, valued at $6,128,661.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the transaction, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is owned by company insiders.

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.