Fiduciary Group LLC Sells 137 Shares of Otis Worldwide Co. (NYSE:OTIS)

Fiduciary Group LLC trimmed its holdings in Otis Worldwide Co. (NYSE:OTIS) by 3.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,961 shares of the company’s stock after selling 137 shares during the period. Fiduciary Group LLC’s holdings in Otis Worldwide were worth $354,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of OTIS. Addison Advisors LLC increased its stake in Otis Worldwide by 22.6% during the fourth quarter. Addison Advisors LLC now owns 3,474 shares of the company’s stock valued at $311,000 after acquiring an additional 641 shares during the period. Headlands Technologies LLC bought a new stake in shares of Otis Worldwide during the fourth quarter valued at approximately $209,000. K.J. Harrison & Partners Inc raised its stake in shares of Otis Worldwide by 50.0% in the fourth quarter. K.J. Harrison & Partners Inc now owns 15,000 shares of the company’s stock valued at $1,342,000 after purchasing an additional 5,000 shares in the last quarter. Callan Capital LLC bought a new position in Otis Worldwide in the fourth quarter worth $215,000. Finally, Bank Julius Baer & Co. Ltd Zurich lifted its position in Otis Worldwide by 21.7% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 3,264 shares of the company’s stock worth $292,000 after purchasing an additional 583 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a report on Thursday, April 25th. JPMorgan Chase & Co. raised their price target 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. Royal Bank of Canada reiterated an “outperform” rating and issued a $100.00 price objective on shares of Otis Worldwide in a research note on Monday, February 5th. Melius initiated coverage on Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating for the company. Finally, Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Six investment 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 currently has an average rating of “Hold” and a consensus target price of $96.86.

Insider Activity

In other news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction 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 transaction, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Montlivault Stephane De sold 18,393 shares of the business’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 transaction of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction that occurred on 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 disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS opened at $93.37 on Tuesday. The company has a market capitalization of $37.75 billion, a P/E ratio of 26.99 and a beta of 1.01. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.35. The business’s 50 day simple moving average is $96.48 and its 200-day simple moving average is $89.57.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be issued 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 is Thursday, May 16th. This represents a $1.56 annualized dividend and a yield of 1.67%. Otis Worldwide’s dividend payout ratio is currently 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.