Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Orion Portfolio Solutions LLC

Orion Portfolio Solutions LLC cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.8% during the fourth quarter, Holdings Channel.com reports. The fund owned 55,754 shares of the company’s stock after selling 4,056 shares during the period. Orion Portfolio Solutions LLC’s holdings in Otis Worldwide were worth $4,882,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of OTIS. JB Capital LLC lifted its holdings in Otis Worldwide by 0.5% during the fourth quarter. JB Capital LLC now owns 26,572 shares of the company’s stock valued at $2,377,000 after purchasing an additional 129 shares in the last quarter. Baystate Wealth Management LLC boosted its holdings in Otis Worldwide by 16.7% in the 4th quarter. Baystate Wealth Management LLC now owns 964 shares of the company’s stock worth $86,000 after buying an additional 138 shares during the last quarter. Sigma Planning Corp increased its stake in Otis Worldwide by 3.5% during the 3rd quarter. Sigma Planning Corp now owns 4,189 shares of the company’s stock worth $336,000 after buying an additional 141 shares in the last quarter. ICW Investment Advisors LLC raised its holdings in shares of Otis Worldwide by 2.4% during the fourth quarter. ICW Investment Advisors LLC now owns 6,129 shares of the company’s stock valued at $548,000 after acquiring an additional 144 shares during the last quarter. Finally, Spire Wealth Management lifted its position in shares of Otis Worldwide by 19.0% in the fourth quarter. Spire Wealth Management now owns 932 shares of the company’s stock valued at $82,000 after acquiring an additional 149 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the company. Melius initiated coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating for the company. JPMorgan Chase & Co. upped their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 25th. UBS Group upped their price objective on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Finally, Argus raised their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $97.71.

Insider Buying and Selling

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction on 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 transaction, the executive vice president now directly owns 15,570 shares in the company, valued at $1,458,753.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Performance

OTIS stock opened at $97.57 on Monday. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.35. The firm has a market cap of $39.45 billion, a PE ratio of 28.20 and a beta of 1.03. The firm’s 50 day moving average price is $96.55 and its 200-day moving average price is $91.87.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating 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 the consensus estimate of $3.44 billion. Equities research analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business 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 $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.60%. 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. Otis Worldwide’s payout ratio is 45.09%.

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.