Pointe Capital Management LLC Has $387,000 Stake in Otis Worldwide Co. (NYSE:OTIS)

Pointe Capital Management LLC lowered its holdings in Otis Worldwide Co. (NYSE:OTIS) by 5.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,326 shares of the company’s stock after selling 250 shares during the period. Pointe Capital Management LLC’s holdings in Otis Worldwide were worth $387,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in OTIS. Sapient Capital LLC bought a new position in shares of Otis Worldwide in the fourth quarter worth $238,000. Axxcess Wealth Management LLC bought a new position in Otis Worldwide in the 4th quarter valued at about $371,000. Merit Financial Group LLC raised its position in shares of Otis Worldwide by 3.9% in the 4th quarter. Merit Financial Group LLC now owns 10,187 shares of the company’s stock valued at $911,000 after buying an additional 378 shares in the last quarter. Montis Financial LLC bought a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $221,000. Finally, Natixis Advisors L.P. boosted its position in shares of Otis Worldwide by 8.5% during the 4th quarter. Natixis Advisors L.P. now owns 154,629 shares of the company’s stock worth $13,833,000 after acquiring an additional 12,083 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insiders Place Their Bets

In related 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 sale, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Otis Worldwide 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 transaction, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of the company’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 value of $1,675,602.30. Following the completion of the sale, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Up 0.4 %

Shares of Otis Worldwide stock traded up $0.35 on Friday, hitting $92.12. 1,788,702 shares of the company traded hands, compared to its average volume of 1,949,805. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.35. The company has a market cap of $37.25 billion, a P/E ratio of 26.62 and a beta of 1.03. The firm’s 50-day simple moving average is $96.44 and its 200 day simple moving average is $89.75.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The company had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be given a dividend of $0.39 per share. This is a positive change 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%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. UBS Group raised their target price on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Melius started coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating on the stock. Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a research note on Thursday, February 22nd. Barclays lifted their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. upped their target price on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus price target of $96.86.

Otis Worldwide 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.