Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC decreased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,352,730 shares of the company’s stock after selling 132,262 shares during the period. Otis Worldwide makes up about 0.8% of Los Angeles Capital Management LLC’s holdings, making the stock its 24th biggest position. Los Angeles Capital Management LLC’s holdings in Otis Worldwide were worth $210,499,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its holdings in shares of Otis Worldwide by 47.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after acquiring an additional 2,442,203 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in shares of Otis Worldwide by 104.5% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company’s stock worth $124,906,000 after acquiring an additional 794,626 shares during the period. Qube Research & Technologies Ltd grew its holdings in shares of Otis Worldwide by 119.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 981,574 shares of the company’s stock worth $78,830,000 after acquiring an additional 533,590 shares during the period. Barclays PLC grew its holdings in shares of Otis Worldwide by 82.1% in the 3rd quarter. Barclays PLC now owns 957,288 shares of the company’s stock worth $76,878,000 after acquiring an additional 431,542 shares during the period. Finally, Adage Capital Partners GP L.L.C. grew its holdings in shares of Otis Worldwide by 64.9% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 774,386 shares of the company’s stock worth $62,191,000 after acquiring an additional 304,669 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

NYSE OTIS traded up $0.29 during trading hours on Thursday, hitting $91.72. The company had a trading volume of 939,324 shares, compared to its average volume of 2,018,291. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35. The company has a market capitalization of $37.08 billion, a price-to-earnings ratio of 26.42 and a beta of 1.03. The firm’s 50 day moving average is $96.49 and its 200 day moving average is $89.65.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The firm had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. On average, equities analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors 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. This represents a $1.56 annualized dividend and a yield of 1.70%. The ex-dividend date is Thursday, May 16th. Otis Worldwide’s dividend payout ratio is currently 39.31%.

Analyst Ratings Changes

OTIS has been the topic of a number of research reports. Barclays upped their price target on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Royal Bank of Canada reissued an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a research note on Monday, February 5th. 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 note on Thursday, April 25th. UBS Group increased 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 began coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average price target of $96.86.

Insider Activity at Otis Worldwide

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

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.