Vaughan Nelson Investment Management L.P. Lowers Position in Otis Worldwide Co. (NYSE:OTIS)

Vaughan Nelson Investment Management L.P. lessened its holdings in Otis Worldwide Co. (NYSE:OTIS) by 43.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 168,359 shares of the company’s stock after selling 131,849 shares during the period. Vaughan Nelson Investment Management L.P.’s holdings in Otis Worldwide were worth $16,713,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. LPL Financial LLC increased its position in Otis Worldwide by 18.7% during the third quarter. LPL Financial LLC now owns 117,092 shares of the company’s stock valued at $9,404,000 after acquiring an additional 18,478 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Otis Worldwide by 18.5% during the third quarter. Tower Research Capital LLC TRC now owns 18,974 shares of the company’s stock valued at $1,524,000 after buying an additional 2,957 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Otis Worldwide during the third quarter valued at about $684,000. Advisors Asset Management Inc. lifted its position in shares of Otis Worldwide by 28.3% during the third quarter. Advisors Asset Management Inc. now owns 5,889 shares of the company’s stock valued at $473,000 after buying an additional 1,300 shares during the last quarter. Finally, Alps Advisors Inc. lifted its position in shares of Otis Worldwide by 13.3% during the third quarter. Alps Advisors Inc. now owns 19,191 shares of the company’s stock valued at $1,541,000 after buying an additional 2,257 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Melius assumed coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating for the company. JPMorgan Chase & Co. raised their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Argus increased their target price on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Wells Fargo & Company decreased their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 25th. Finally, Barclays raised their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $99.33.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the transaction, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Trading Up 1.1 %

Shares of NYSE:OTIS opened at $95.96 on Wednesday. The business has a 50-day moving average price of $96.14 and a 200 day moving average price of $94.04. The company has a market capitalization of $38.80 billion, a price-to-earnings ratio of 27.73 and a beta of 1.03. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84.

Otis Worldwide (NYSE:OTIS) last issued 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. The firm had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. As a group, equities research analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 17th were given a $0.39 dividend. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a yield of 1.63%. The ex-dividend date was Thursday, May 16th. Otis Worldwide’s payout ratio is currently 45.09%.

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.