Heritage Investors Management Corp Has $2.24 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

Heritage Investors Management Corp trimmed its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.4% during the fourth quarter, HoldingsChannel reports. The fund owned 24,987 shares of the company’s stock after selling 110 shares during the period. Heritage Investors Management Corp’s holdings in Otis Worldwide were worth $2,236,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Cetera Trust Company N.A bought a new position in shares of Otis Worldwide during the fourth quarter worth about $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Otis Worldwide in the fourth quarter worth $28,000. Orion Capital Management LLC bought a new position in Otis Worldwide in the third quarter valued at $30,000. NBC Securities Inc. acquired a new stake in Otis Worldwide in the 3rd quarter valued at $33,000. Finally, CNB Bank lifted its position in Otis Worldwide by 81.0% during the 3rd quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after buying an additional 192 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the transaction, the executive vice president now owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the sale, the executive vice president now directly owns 15,570 shares in the company, valued at $1,458,753.30. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Price Performance

Otis Worldwide stock traded up $1.64 during midday trading on Thursday, hitting $96.16. The company’s stock had a trading volume of 1,800,342 shares, compared to its average volume of 2,009,988. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.35. The company has a 50-day moving average price of $96.42 and a two-hundred day moving average price of $90.14. The company has a market cap of $38.88 billion, a price-to-earnings ratio of 27.79 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data 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 firm had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. Sell-side analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors 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 is Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.62%. Otis Worldwide’s dividend payout ratio (DPR) is currently 39.31%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on OTIS. 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. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a research report on Monday, February 5th. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research note on Thursday, February 22nd. Melius assumed coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating for the company. Finally, UBS Group upped their price objective on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average 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.