Scissortail Wealth Management LLC bought a new stake in Otis Worldwide Co. (NYSE:OTIS – Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,229 shares of the company’s stock, valued at approximately $288,000.
A number of other large investors have also modified their holdings of OTIS. Norges Bank acquired a new position in shares of Otis Worldwide in the fourth quarter valued at $370,013,000. Alliancebernstein L.P. raised its holdings in shares of Otis Worldwide by 32.5% in the second quarter. Alliancebernstein L.P. now owns 12,239,672 shares of the company’s stock valued at $1,089,453,000 after buying an additional 2,999,494 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Otis Worldwide by 47.9% in the third 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 during the last quarter. PineStone Asset Management Inc. raised its holdings in shares of Otis Worldwide by 300.6% in the third quarter. PineStone Asset Management Inc. now owns 2,844,325 shares of the company’s stock valued at $228,428,000 after buying an additional 2,134,289 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Otis Worldwide by 54.3% in the first quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock valued at $324,857,000 after buying an additional 1,484,963 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.
Otis Worldwide Stock Down 0.1 %
Shares of OTIS traded down $0.07 on Wednesday, hitting $95.98. The company’s stock had a trading volume of 1,192,671 shares, compared to its average volume of 1,464,583. The firm’s fifty day moving average price is $95.87 and its 200-day moving average price is $88.64. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35. The firm has a market capitalization of $38.79 billion, a price-to-earnings ratio of 28.31 and a beta of 1.01.
Otis Worldwide Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide’s dividend payout ratio is currently 40.12%.
Insider Transactions at Otis Worldwide
In other news, insider Montlivault Stephane De sold 18,393 shares of the company’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 sale, 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 available at the SEC website. In related news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction on 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 sale, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction 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 sale, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.
Analyst Ratings Changes
A number of brokerages recently commented on OTIS. Barclays lifted their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Melius started coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating for the company. Royal Bank of Canada restated an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research report on Monday, February 5th. Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Finally, Wells Fargo & Company decreased their target price on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, February 1st. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $94.29.
Check Out Our Latest Report on OTIS
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.
Featured Articles
- Five stocks we like better than Otis Worldwide
- What is a Dividend Harvesting Strategy and How Can Investors Profit from it?
- ASML Fires Warning Shot For Tech Investors
- Market Cap Calculator: How to Calculate Market Cap
- Prologis Stock Leading U.S. Logistics Boom
- What is a Bond Market Holiday? How to Invest and Trade
- Johnson & Johnson’s Q1 Checkup: Mixed Results, Optimism Remains
Receive News & Ratings for Otis Worldwide Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Otis Worldwide and related companies with MarketBeat.com's FREE daily email newsletter.