Russell Investments Group Ltd. Cuts Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Russell Investments Group Ltd. decreased its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,261,599 shares of the company’s stock after selling 27,400 shares during the quarter. Russell Investments Group Ltd. owned 0.31% of Otis Worldwide worth $112,903,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Addison Advisors LLC lifted its position in Otis Worldwide by 22.6% during the fourth quarter. Addison Advisors LLC now owns 3,474 shares of the company’s stock valued at $311,000 after purchasing an additional 641 shares during the period. Headlands Technologies LLC bought a new position in Otis Worldwide in the fourth quarter worth approximately $209,000. K.J. Harrison & Partners Inc raised its position in Otis Worldwide by 50.0% in the fourth quarter. K.J. Harrison & Partners Inc now owns 15,000 shares of the company’s stock worth $1,342,000 after acquiring an additional 5,000 shares during the period. Callan Capital LLC bought a new position in Otis Worldwide in the fourth quarter worth approximately $215,000. Finally, Bank Julius Baer & Co. Ltd Zurich raised its position in Otis Worldwide by 21.7% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 3,264 shares of the company’s stock worth $292,000 after acquiring an additional 583 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction 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 directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

OTIS has been the topic of several recent research reports. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research report on Thursday, February 22nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $100.00 price target on shares of Otis Worldwide in a research report on Monday, February 5th. Melius began coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Barclays raised their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Finally, Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $96.86.

Otis Worldwide Trading Down 0.9 %

OTIS traded down $0.82 during trading on Friday, hitting $92.20. 2,314,121 shares of the company traded hands, compared to its average volume of 1,745,609. The company has a market cap of $37.27 billion, a PE ratio of 26.65 and a beta of 1.01. The stock’s 50-day simple moving average is $96.44 and its two-hundred day simple moving average is $89.42. 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 earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.01. The company had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. Equities analysts expect that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.69%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 39.31%.

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.