Washington Trust Advisors Inc. Sells 865 Shares of Otis Worldwide Co. (NYSE:OTIS)

Washington Trust Advisors Inc. trimmed its position in Otis Worldwide Co. (NYSE:OTIS) by 23.9% during the fourth quarter, Holdings Channel reports. The firm owned 2,750 shares of the company’s stock after selling 865 shares during the quarter. Washington Trust Advisors Inc.’s holdings in Otis Worldwide were worth $246,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Meiji Yasuda Asset Management Co Ltd. lifted its position in shares of Otis Worldwide by 54.5% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,772 shares of the company’s stock worth $544,000 after buying an additional 2,390 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of Otis Worldwide by 176.4% in the 4th quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock worth $10,378,000 after purchasing an additional 74,030 shares during the period. Curbstone Financial Management Corp boosted its position in Otis Worldwide by 3.0% during the third quarter. Curbstone Financial Management Corp now owns 6,968 shares of the company’s stock valued at $560,000 after acquiring an additional 200 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Otis Worldwide by 4.5% in the 4th quarter. Nordea Investment Management AB now owns 387,312 shares of the company’s stock worth $34,711,000 after acquiring an additional 16,787 shares in the last quarter. Finally, Federated Hermes Inc. grew its stake in Otis Worldwide by 2,180.2% during the third quarter. Federated Hermes Inc. now owns 108,219 shares of the company’s stock worth $8,691,000 after purchasing an additional 103,473 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Down 0.7 %

NYSE:OTIS traded down $0.71 during trading hours on Thursday, reaching $99.15. 522,418 shares of the company were exchanged, compared to its average volume of 2,076,084. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.35. The stock’s 50-day moving average is $93.45 and its 200-day moving average is $86.96. The firm has a market cap of $40.20 billion, a PE ratio of 29.46 and a beta of 1.01.

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

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were given a dividend of $0.34 per share. The ex-dividend date was Thursday, February 15th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.37%. Otis Worldwide’s payout ratio is currently 40.12%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the firm’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 value of $1,675,602.30. Following the completion of the transaction, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. 0.11% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on OTIS shares. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, February 1st. Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research report on Monday, February 5th. UBS Group increased their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Finally, Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research report on Thursday, February 22nd. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $92.29.

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.