Dover Advisors LLC Reduces Position in Otis Worldwide Co. (NYSE:OTIS)

Dover Advisors LLC lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 15.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,911 shares of the company’s stock after selling 690 shares during the period. Dover Advisors LLC’s holdings in Otis Worldwide were worth $350,000 at the end of the most recent reporting period.

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

Otis Worldwide Stock Down 0.9 %

Shares of OTIS stock traded down $0.82 during mid-day trading on Friday, hitting $92.20. 2,314,121 shares of the stock were exchanged, compared to its average volume of 1,745,609. The firm has a fifty day moving average of $96.44 and a 200 day moving average of $89.48. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.35. The company has a market cap of $37.27 billion, a PE ratio of 26.65 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, topping the consensus estimate of $0.87 by $0.01. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. Equities analysts predict that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be issued a $0.39 dividend. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.69%. Otis Worldwide’s dividend payout ratio is presently 39.31%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The transaction was disclosed in a legal filing with the SEC, which can be accessed through 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 transaction of $3,426,360.96. Following the completion of the sale, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 sale, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is owned by insiders.

Analyst Ratings Changes

OTIS has been the subject of a number of analyst reports. Royal Bank of Canada restated an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a report on Monday, February 5th. Melius assumed coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Argus raised 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. Wells Fargo & Company reduced 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. Finally, UBS Group upped their price target on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. 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, the stock has an average rating of “Hold” and a consensus price target of $96.86.

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.