Otis Worldwide Co. (NYSE:OTIS) Position Lessened by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 222,461 shares of the company’s stock after selling 2,099 shares during the period. State of New Jersey Common Pension Fund D owned about 0.05% of Otis Worldwide worth $19,904,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of OTIS. JPMorgan Chase & Co. increased its position in Otis Worldwide by 47.9% during the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after buying an additional 2,442,203 shares during the last quarter. Northern Trust Corp increased its position in Otis Worldwide by 3.0% during the third quarter. Northern Trust Corp now owns 4,661,849 shares of the company’s stock worth $374,393,000 after buying an additional 135,048 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its position in Otis Worldwide by 1.7% during the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,448,272 shares of the company’s stock worth $276,931,000 after buying an additional 59,211 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Otis Worldwide by 3.8% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,309,855 shares of the company’s stock worth $265,814,000 after buying an additional 120,853 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp grew its position in shares of Otis Worldwide by 6.8% in the third quarter. OMERS ADMINISTRATION Corp now owns 2,324,016 shares of the company’s stock valued at $186,642,000 after purchasing an additional 146,968 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 18,393 shares of the business’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 in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction 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 completion of the sale, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several research analyst reports. Barclays raised their price target on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Wells Fargo & Company lowered their price target on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $100.00 price target on shares of Otis Worldwide in a research report on Monday, February 5th. UBS Group lifted their target price on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Finally, Melius assumed coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $96.86.

Otis Worldwide Price Performance

Shares of NYSE:OTIS traded down $0.35 during trading on Thursday, reaching $93.02. The stock had a trading volume of 2,218,997 shares, compared to its average volume of 2,033,041. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.35. The business’s 50-day moving average price is $96.41 and its 200 day moving average price is $89.24. The stock has a market capitalization of $37.60 billion, a PE ratio of 27.48 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. The company had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Analysts forecast that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.68%. The ex-dividend date of this dividend is Thursday, May 16th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s payout ratio is 40.12%.

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.