NTV Asset Management LLC Sells 179 Shares of Otis Worldwide Co. (NYSE:OTIS)

NTV Asset Management LLC lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 3,386 shares of the company’s stock after selling 179 shares during the period. NTV Asset Management LLC’s holdings in Otis Worldwide were worth $303,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. JPMorgan Chase & Co. lifted its position in Otis Worldwide by 47.9% during the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after purchasing an additional 2,442,203 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in Otis Worldwide by 104.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company’s stock worth $124,906,000 after acquiring an additional 794,626 shares in the last quarter. Qube Research & Technologies Ltd increased its stake in Otis Worldwide by 119.1% in the third quarter. Qube Research & Technologies Ltd now owns 981,574 shares of the company’s stock valued at $78,830,000 after acquiring an additional 533,590 shares during the last quarter. Barclays PLC raised its position in Otis Worldwide by 82.1% during the third quarter. Barclays PLC now owns 957,288 shares of the company’s stock valued at $76,878,000 after purchasing an additional 431,542 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its holdings in shares of Otis Worldwide by 64.9% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 774,386 shares of the company’s stock worth $62,191,000 after acquiring an additional 304,669 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on OTIS shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a report on Monday, February 5th. Barclays increased their target price on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. UBS Group lifted their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a report on Thursday, April 25th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Six equities 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, the company currently has an average rating of “Hold” and an average price target of $96.86.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded up $0.35 during trading on Friday, hitting $92.12. 1,788,702 shares of the company’s stock traded hands, compared to its average volume of 1,949,805. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.35. The business has a 50-day simple moving average of $96.44 and a 200-day simple moving average of $89.89. The stock has a market capitalization of $37.25 billion, a P/E ratio of 26.62 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last released 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. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The firm had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. On average, equities analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be paid a $0.39 dividend. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend is Thursday, May 16th. Otis Worldwide’s dividend payout ratio (DPR) is 39.31%.

Insider Buying and Selling

In other news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the sale, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Judith Fran Marks sold 37,312 shares of the firm’s 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 transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by corporate insiders.

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.