Voloridge Investment Management LLC Cuts Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Voloridge Investment Management LLC lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 12.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,290,620 shares of the company’s stock after selling 177,576 shares during the period. Voloridge Investment Management LLC’s holdings in Otis Worldwide were worth $119,524,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Otis Worldwide by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company’s stock worth $4,167,806,000 after purchasing an additional 149,123 shares during the period. JPMorgan Chase & Co. increased its position in shares of Otis Worldwide by 26.5% in the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company’s stock worth $3,289,868,000 after acquiring an additional 7,447,860 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Otis Worldwide by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company’s stock worth $1,031,787,000 after acquiring an additional 95,035 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Otis Worldwide by 5.9% in the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company’s stock worth $720,980,000 after acquiring an additional 435,372 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Otis Worldwide in the fourth quarter worth $649,883,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on OTIS shares. JPMorgan Chase & Co. increased their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday. Barclays dropped their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research report on Friday, April 25th. Royal Bank of Canada lowered their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, April 28th. Finally, Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, April 24th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $100.71.

Insider Buying and Selling at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now directly 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 filing with the SEC, which can be accessed through the SEC website. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Trading Down 0.4%

OTIS opened at $98.46 on Tuesday. The company has a fifty day simple moving average of $97.98 and a 200 day simple moving average of $97.59. The firm has a market cap of $38.86 billion, a price-to-earnings ratio of 24.25 and a beta of 1.01. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83.

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

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.71%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide’s dividend payout ratio is 44.09%.

Otis Worldwide 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.