Evermay Wealth Management LLC lessened its stake in shares of Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 35.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 823 shares of the company’s stock after selling 450 shares during the quarter. Evermay Wealth Management LLC’s holdings in Otis Worldwide were worth $64,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Otis Worldwide by 0.3% during the third quarter. Vanguard Group Inc. now owns 39,694,622 shares of the company’s stock worth $2,532,517,000 after purchasing an additional 123,746 shares in the last quarter. Boston Partners grew its holdings in shares of Otis Worldwide by 44.3% during the third quarter. Boston Partners now owns 6,150,062 shares of the company’s stock worth $393,646,000 after purchasing an additional 1,887,275 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Otis Worldwide by 54.3% during the first quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock worth $324,857,000 after purchasing an additional 1,484,963 shares in the last quarter. Lazard Asset Management LLC lifted its position in Otis Worldwide by 33.8% in the 1st quarter. Lazard Asset Management LLC now owns 3,896,561 shares of the company’s stock worth $299,840,000 after buying an additional 984,793 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Otis Worldwide by 8.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 3,737,193 shares of the company’s stock worth $264,107,000 after buying an additional 283,458 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.
Analysts Set New Price Targets
A number of analysts recently weighed in on the company. Cowen boosted their target price on Otis Worldwide from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Thursday, February 2nd. Wells Fargo & Company boosted their target price on Otis Worldwide from $76.00 to $82.00 and gave the stock an “underweight” rating in a research report on Thursday, February 2nd. Barclays boosted their price objective on Otis Worldwide from $80.00 to $81.00 and gave the company an “equal weight” rating in a research report on Thursday, February 2nd. Morgan Stanley boosted their price objective on Otis Worldwide from $84.00 to $89.00 and gave the company an “equal weight” rating in a research report on Thursday, February 2nd. Finally, TheStreet upgraded Otis Worldwide from a “d+” rating to a “c+” rating in a research report on Monday, March 20th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $81.00.
Otis Worldwide Stock Up 0.3 %
Otis Worldwide (NYSE:OTIS – Get Rating) last announced its earnings results on Wednesday, February 1st. The company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.02. The company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.40 billion. Otis Worldwide had a negative return on equity of 27.69% and a net margin of 9.16%. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.72 earnings per share. On average, research analysts anticipate that Otis Worldwide Co. will post 3.43 earnings per share for the current year.
Otis Worldwide Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Friday, February 17th were paid a $0.29 dividend. The ex-dividend date of this dividend was Thursday, February 16th. This represents a $1.16 annualized dividend and a yield of 1.44%. Otis Worldwide’s payout ratio is 39.06%.
Insider Buying and Selling
In related news, insider Fernandez Bernardo Calleja sold 837 shares of the company’s stock in a transaction on Tuesday, February 14th. The stock was sold at an average price of $84.67, for a total value of $70,868.79. Following the sale, the insider now directly owns 19,998 shares of the company’s stock, valued at $1,693,230.66. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Fernandez Bernardo Calleja sold 837 shares of the stock in a transaction on Tuesday, February 14th. The stock was sold at an average price of $84.67, for a total value of $70,868.79. Following the sale, the insider now directly owns 19,998 shares of the company’s stock, valued at $1,693,230.66. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Michael Patrick Ryan sold 3,018 shares of the stock in a transaction on Monday, February 6th. The stock was sold at an average price of $84.46, for a total value of $254,900.28. The disclosure for this sale can be found here. Insiders have sold a total of 32,777 shares of company stock valued at $2,759,404 over the last ninety days. Company insiders own 0.11% of the company’s stock.
Otis Worldwide Profile
Otis Worldwide Corporation manufactures, installs, and services 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.
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