PGGM Investments Decreases Position in Otis Worldwide Co. (NYSE:OTIS)

PGGM Investments trimmed its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 170,081 shares of the company’s stock after selling 1,586 shares during the period. PGGM Investments’ holdings in Otis Worldwide were worth $15,217,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Cetera Trust Company N.A bought a new stake in Otis Worldwide during the fourth quarter valued at approximately $27,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Otis Worldwide during the fourth quarter worth $28,000. Orion Capital Management LLC bought a new position in shares of Otis Worldwide during the third quarter worth $30,000. NBC Securities Inc. bought a new position in shares of Otis Worldwide during the third quarter worth $33,000. Finally, CNB Bank boosted its position in shares of Otis Worldwide by 81.0% during the third quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after acquiring an additional 192 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Montlivault Stephane De sold 18,393 shares of the firm’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 in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Otis Worldwide stock traded down $0.82 during midday trading on Friday, hitting $92.20. 2,314,121 shares of the company’s stock were exchanged, compared to its average volume of 1,745,609. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.35. The firm has a 50-day moving average of $96.44 and a two-hundred day moving average of $89.42. The company has a market cap of $37.27 billion, a PE ratio of 26.65 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last issued its earnings results 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 net margin of 9.99% and a negative return on equity of 31.02%. The company had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. As a group, equities analysts expect that Otis Worldwide Co. will post 3.87 earnings per share for the current 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 issued a $0.39 dividend. This is a boost 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 is Thursday, May 16th. Otis Worldwide’s dividend payout ratio (DPR) is currently 39.31%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on OTIS. Melius began coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating for the company. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Thursday. UBS Group upped their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a research note on Monday, February 5th. Finally, Vertical Research downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Six investment 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 a consensus rating of “Hold” and a consensus price target of $96.86.

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.