Neville Rodie & Shaw Inc. Reduces Position in Otis Worldwide Co. (NYSE:OTIS)

Neville Rodie & Shaw Inc. cut its position in Otis Worldwide Co. (NYSE:OTIS) by 3.5% during the first quarter, HoldingsChannel reports. The firm owned 11,158 shares of the company’s stock after selling 400 shares during the quarter. Neville Rodie & Shaw Inc.’s holdings in Otis Worldwide were worth $1,152,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. JPMorgan Chase & Co. grew its position in shares of Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after buying an additional 8,161,946 shares during the last quarter. Janney Montgomery Scott LLC grew its position in shares of Otis Worldwide by 1.5% in the 4th quarter. Janney Montgomery Scott LLC now owns 57,347 shares of the company’s stock valued at $5,311,000 after buying an additional 843 shares during the last quarter. PFG Investments LLC grew its position in shares of Otis Worldwide by 4.1% in the 4th quarter. PFG Investments LLC now owns 3,342 shares of the company’s stock valued at $309,000 after buying an additional 131 shares during the last quarter. Blue Trust Inc. grew its position in shares of Otis Worldwide by 43.3% in the 4th quarter. Blue Trust Inc. now owns 4,452 shares of the company’s stock valued at $412,000 after buying an additional 1,345 shares during the last quarter. Finally, Perigon Wealth Management LLC grew its position in shares of Otis Worldwide by 1.9% in the 4th quarter. Perigon Wealth Management LLC now owns 17,005 shares of the company’s stock valued at $1,585,000 after buying an additional 309 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on OTIS shares. JPMorgan Chase & Co. increased their target price on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. Royal Bank of Canada dropped their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 24th. Finally, Barclays decreased their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research note on Friday, April 25th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $100.71.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $95.18 on Thursday. The stock has a market cap of $37.57 billion, a P/E ratio of 23.44 and a beta of 1.01. The firm has a fifty day moving average price of $97.39 and a 200 day moving average price of $97.47. Otis Worldwide Co. has a 1-year low of $89.70 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. The firm had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Otis Worldwide’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.88 EPS. Sell-side analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.77%. The ex-dividend date of this dividend is Friday, May 16th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s dividend payout ratio (DPR) is 44.09%.

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.