Sawgrass Asset Management LLC Trims Stake in Otis Worldwide Co. (NYSE:OTIS)

Sawgrass Asset Management LLC lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 65,337 shares of the company’s stock after selling 2,147 shares during the quarter. Sawgrass Asset Management LLC’s holdings in Otis Worldwide were worth $5,846,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Cetera Trust Company N.A acquired a new stake in shares of Otis Worldwide during the 4th quarter worth $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in Otis Worldwide in the fourth quarter valued at about $28,000. Orion Capital Management LLC purchased a new position in Otis Worldwide in the third quarter valued at about $30,000. NBC Securities Inc. purchased a new position in Otis Worldwide in the third quarter valued at about $33,000. Finally, CNB Bank raised its position in Otis Worldwide by 81.0% in the third quarter. CNB Bank now owns 429 shares of the company’s stock valued at $34,000 after purchasing an additional 192 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction that occurred on 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 directly owns 15,570 shares in the company, valued at $1,458,753.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Montlivault Stephane De sold 18,393 shares of the business’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 $6,128,661.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was 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 approximately $1,458,753.30. The disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on OTIS. UBS Group lifted 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. Barclays lifted 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. Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research report on Thursday, February 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research report on Monday, February 5th. Finally, Melius began coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating for the company. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $96.86.

Otis Worldwide Stock Up 0.7 %

OTIS stock traded up $0.64 during midday trading on Wednesday, reaching $94.53. The company had a trading volume of 1,664,889 shares, compared to its average volume of 2,011,730. The stock has a 50 day moving average price of $96.43 and a 200 day moving average price of $90.11. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35. The firm has a market capitalization of $38.22 billion, a PE ratio of 27.32 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Research analysts predict that Otis Worldwide Co. will post 3.88 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. Stockholders of record on Friday, May 17th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. Otis Worldwide’s payout ratio is currently 39.31%.

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.