Vontobel Holding Ltd. Sells 66,287 Shares of Otis Worldwide Co. (NYSE:OTIS)

Vontobel Holding Ltd. lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 73.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,344 shares of the company’s stock after selling 66,287 shares during the quarter. Vontobel Holding Ltd.’s holdings in Otis Worldwide were worth $2,178,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System bought a new position in Otis Worldwide during the fourth quarter worth about $2,210,000. Crestwood Advisors Group LLC purchased a new stake in shares of Otis Worldwide in the fourth quarter worth about $201,000. Graypoint LLC lifted its holdings in shares of Otis Worldwide by 7.0% in the fourth quarter. Graypoint LLC now owns 4,010 shares of the company’s stock worth $359,000 after buying an additional 261 shares in the last quarter. Baystate Wealth Management LLC lifted its holdings in shares of Otis Worldwide by 16.7% in the fourth quarter. Baystate Wealth Management LLC now owns 964 shares of the company’s stock worth $86,000 after buying an additional 138 shares in the last quarter. Finally, Seascape Capital Management lifted its holdings in shares of Otis Worldwide by 1.5% in the fourth quarter. Seascape Capital Management now owns 31,604 shares of the company’s stock worth $2,828,000 after buying an additional 471 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS opened at $95.49 on Friday. The firm’s 50 day simple moving average is $96.03 and its 200 day simple moving average is $88.73. The company has a market capitalization of $38.60 billion, a P/E ratio of 28.17 and a beta of 1.01. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.35.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.85 by $0.02. The firm had revenue of $3.62 billion for the quarter, compared to the consensus estimate of $3.57 billion. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. During the same period last year, the firm posted $0.75 earnings per share. On average, equities analysts anticipate that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 1.42%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 40.12%.

Insiders Place Their Bets

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide 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 transaction, 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 Securities & Exchange Commission, which is available at this hyperlink. In other news, 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 value of $3,426,360.96. Following the transaction, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of the firm’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 completion of the transaction, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Barclays increased their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Vertical Research downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. UBS Group increased their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a report on Thursday, February 22nd. Finally, Melius began coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $94.29.

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.