Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Cypress Capital Management LLC WY

Cypress Capital Management LLC WY trimmed its stake in Otis Worldwide Co. (NYSE:OTIS) by 54.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 600 shares of the company’s stock after selling 705 shares during the quarter. Cypress Capital Management LLC WY’s holdings in Otis Worldwide were worth $54,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its position in Otis Worldwide by 47.9% during the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after acquiring an additional 2,442,203 shares during the period. Northern Trust Corp grew its position in Otis Worldwide by 3.0% during the third quarter. Northern Trust Corp now owns 4,661,849 shares of the company’s stock valued at $374,393,000 after acquiring an additional 135,048 shares during the period. Grantham Mayo Van Otterloo & Co. LLC grew its position in Otis Worldwide by 1.7% during the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,448,272 shares of the company’s stock valued at $276,931,000 after acquiring an additional 59,211 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in Otis Worldwide by 3.8% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,309,855 shares of the company’s stock valued at $265,814,000 after acquiring an additional 120,853 shares during the period. Finally, OMERS ADMINISTRATION Corp grew its position in Otis Worldwide by 6.8% during the third quarter. OMERS ADMINISTRATION Corp now owns 2,324,016 shares of the company’s stock valued at $186,642,000 after acquiring an additional 146,968 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have issued reports on OTIS shares. Barclays boosted their price target on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. UBS Group boosted their price target on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Vertical Research downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a research report on Thursday, February 22nd. Finally, Wells Fargo & Company decreased their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $96.86.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide 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 $6,128,661.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the sale, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS traded up $1.00 during trading on Monday, hitting $93.20. The company’s stock had a trading volume of 1,243,975 shares, compared to its average volume of 2,025,655. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35. The stock’s 50-day moving average price is $96.44 and its two-hundred day moving average price is $89.48. The company has a market capitalization of $37.68 billion, a PE ratio of 26.65 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping 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 business had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. On average, equities analysts predict that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be paid a $0.39 dividend. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.67%. Otis Worldwide’s payout ratio is 39.31%.

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.