Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Okabena Investment Services Inc.

Okabena Investment Services Inc. decreased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 8.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,347 shares of the company’s stock after selling 3,355 shares during the quarter. Otis Worldwide makes up approximately 1.2% of Okabena Investment Services Inc.’s portfolio, making the stock its 23rd biggest position. Okabena Investment Services Inc.’s holdings in Otis Worldwide were worth $3,162,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in OTIS. Blair William & Co. IL grew its holdings in shares of Otis Worldwide by 1.4% during the third quarter. Blair William & Co. IL now owns 14,495 shares of the company’s stock worth $1,164,000 after purchasing an additional 202 shares during the last quarter. Deutsche Bank AG boosted its position in shares of Otis Worldwide by 3.0% in the 3rd quarter. Deutsche Bank AG now owns 1,404,975 shares of the company’s stock valued at $112,834,000 after purchasing an additional 40,685 shares during the period. Quintet Private Bank Europe S.A. grew its stake in Otis Worldwide by 4,882.4% during the 3rd quarter. Quintet Private Bank Europe S.A. now owns 233,177 shares of the company’s stock worth $18,726,000 after buying an additional 228,497 shares during the last quarter. Prudential PLC lifted its stake in Otis Worldwide by 12.9% in the third quarter. Prudential PLC now owns 17,168 shares of the company’s stock valued at $1,379,000 after buying an additional 1,959 shares during the last quarter. Finally, Rafferty Asset Management LLC boosted its holdings in shares of Otis Worldwide by 9.5% in the third quarter. Rafferty Asset Management LLC now owns 32,744 shares of the company’s stock valued at $2,630,000 after acquiring an additional 2,848 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

OTIS opened at $97.13 on Friday. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.84. The company has a market cap of $39.27 billion, a price-to-earnings ratio of 28.07 and a beta of 1.04. The business’s fifty day moving average is $96.25 and its two-hundred day moving average is $93.20.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. The firm had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. On average, analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 17th were given a dividend of $0.39 per share. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $1.56 annualized dividend and a yield of 1.61%. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

Insider Transactions at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the transaction, the executive vice president now owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Wells Fargo & Company cut 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. UBS Group upped their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, February 16th. JPMorgan Chase & Co. raised their price target on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Argus upped their price objective on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Finally, Melius started coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating on the stock. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $97.71.

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.