Otis Worldwide Co. (NYSE:OTIS) Stock Holdings Cut by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 9.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 405,994 shares of the company’s stock after selling 44,142 shares during the period. New York State Common Retirement Fund’s holdings in Otis Worldwide were worth $36,324,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. JB Capital LLC boosted its stake in shares of Otis Worldwide by 0.5% during the 4th quarter. JB Capital LLC now owns 26,572 shares of the company’s stock worth $2,377,000 after acquiring an additional 129 shares in the last quarter. Baystate Wealth Management LLC boosted its stake in shares of Otis Worldwide by 16.7% during the 4th quarter. Baystate Wealth Management LLC now owns 964 shares of the company’s stock worth $86,000 after acquiring an additional 138 shares in the last quarter. Sigma Planning Corp boosted its stake in shares of Otis Worldwide by 3.5% during the 3rd quarter. Sigma Planning Corp now owns 4,189 shares of the company’s stock worth $336,000 after acquiring an additional 141 shares in the last quarter. Avior Wealth Management LLC boosted its stake in shares of Otis Worldwide by 42.3% during the 3rd quarter. Avior Wealth Management LLC now owns 481 shares of the company’s stock worth $39,000 after acquiring an additional 143 shares in the last quarter. Finally, Spinnaker Trust boosted its stake in shares of Otis Worldwide by 4.8% during the 3rd quarter. Spinnaker Trust now owns 3,375 shares of the company’s stock worth $271,000 after acquiring an additional 154 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Trading Down 4.2 %

Shares of NYSE:OTIS opened at $93.37 on Thursday. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.35. The business has a fifty day simple moving average of $96.41 and a 200 day simple moving average of $89.24. The firm has a market cap of $37.74 billion, a price-to-earnings ratio of 27.54 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data 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. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.44 billion. On average, sell-side analysts forecast that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were issued a dividend of $0.34 per share. The ex-dividend date was Thursday, February 15th. This represents a $1.36 annualized dividend and a yield of 1.46%. Otis Worldwide’s dividend payout ratio (DPR) is currently 40.12%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on OTIS shares. Royal Bank of Canada reissued an “outperform” rating and set a $100.00 price objective on shares of Otis Worldwide in a research note on Monday, February 5th. Wells Fargo & Company decreased their target price on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, February 1st. Melius started coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating for the company. Barclays raised their target price on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Finally, 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 report on Thursday, February 22nd. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $95.00.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly 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 this link. In other Otis Worldwide 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 transaction, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The transaction was disclosed in a filing with the SEC, which is available through this link. 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 transaction, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company’s stock.

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.