Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Capital Research Global Investors

Capital Research Global Investors lessened its holdings in Otis Worldwide Co. (NYSE:OTIS) by 6.3% in the 4th quarter, Holdings Channel.com reports. The fund owned 8,811,307 shares of the company’s stock after selling 589,688 shares during the period. Capital Research Global Investors’ holdings in Otis Worldwide were worth $788,348,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its holdings in shares of Otis Worldwide by 47.9% during the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after purchasing an additional 2,442,203 shares during the period. Norges Bank acquired a new position in Otis Worldwide in the fourth quarter valued at approximately $628,855,000. Northern Trust Corp lifted its holdings in Otis Worldwide by 3.0% in the third quarter. Northern Trust Corp now owns 4,661,849 shares of the company’s stock valued at $374,393,000 after acquiring an additional 135,048 shares during the period. Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in Otis Worldwide by 1.7% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,448,272 shares of the company’s stock valued at $276,931,000 after acquiring an additional 59,211 shares during the period. Finally, PineStone Asset Management Inc. lifted its holdings in Otis Worldwide by 17.4% in the fourth quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company’s stock valued at $298,721,000 after acquiring an additional 494,460 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Wells Fargo & Company decreased their price target on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a report on Thursday, April 25th. Melius started coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating for the company. JPMorgan Chase & Co. boosted their price objective on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Argus boosted their price objective on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Finally, UBS Group boosted their price objective on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average target price of $97.71.

Otis Worldwide Stock Performance

Shares of OTIS traded up $1.57 during trading hours on Wednesday, hitting $100.78. 1,740,745 shares of the stock were exchanged, compared to its average volume of 2,050,005. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.79. The company has a market cap of $40.75 billion, a price-to-earnings ratio of 28.75 and a beta of 1.04. The stock’s 50-day moving average price is $96.31 and its two-hundred day moving average price is $92.58.

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, topping 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 for the quarter, compared to analyst estimates of $3.44 billion. On average, research analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be issued a dividend of $0.39 per share. This is an increase 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 yield of 1.55%. Otis Worldwide’s dividend payout ratio is 45.09%.

Insiders Place Their Bets

In other news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction dated 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 transaction, the executive vice president now owns 15,570 shares in the company, valued at approximately $1,458,753.30. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.23% of the stock is owned by company 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.