California Public Employees Retirement System Has $67.41 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

California Public Employees Retirement System trimmed its position in Otis Worldwide Co. (NYSE:OTIS) by 4.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 753,463 shares of the company’s stock after selling 37,650 shares during the quarter. California Public Employees Retirement System owned 0.18% of Otis Worldwide worth $67,412,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. JB Capital LLC raised its stake in Otis Worldwide by 0.5% during the fourth quarter. JB Capital LLC now owns 26,572 shares of the company’s stock worth $2,377,000 after acquiring an additional 129 shares in the last quarter. Baystate Wealth Management LLC raised its stake in Otis Worldwide by 16.7% during the fourth quarter. Baystate Wealth Management LLC now owns 964 shares of the company’s stock worth $86,000 after acquiring an additional 138 shares in the last quarter. Sigma Planning Corp raised its stake in Otis Worldwide by 3.5% during the third quarter. Sigma Planning Corp now owns 4,189 shares of the company’s stock worth $336,000 after acquiring an additional 141 shares in the last quarter. Avior Wealth Management LLC raised its stake in Otis Worldwide by 42.3% during the third quarter. Avior Wealth Management LLC now owns 481 shares of the company’s stock worth $39,000 after acquiring an additional 143 shares in the last quarter. Finally, Spinnaker Trust raised its stake in Otis Worldwide by 4.8% during the third quarter. Spinnaker Trust now owns 3,375 shares of the company’s stock worth $271,000 after acquiring an additional 154 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 0.4 %

NYSE:OTIS opened at $93.02 on Friday. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.35. The business’s 50-day moving average price is $96.42 and its two-hundred day moving average price is $89.27. The firm has a market capitalization of $37.60 billion, a price-to-earnings ratio of 26.88 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share 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 firm had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. Sell-side 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 declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders 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 dividend yield of 1.68%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio (DPR) is presently 39.31%.

Insider Activity

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the firm’s 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 directly 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 other news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide 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 completion of the transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

OTIS has been the topic of several research analyst reports. Melius initiated coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating on the stock. 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 report on Thursday. Royal Bank of Canada restated an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a report on Monday, February 5th. Barclays increased their target price on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Finally, UBS Group increased their target price on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $96.86.

Otis Worldwide Company 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.