Sky Investment Group LLC decreased its position in Otis Worldwide Co. (NYSE:OTIS) by 34.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,008 shares of the company’s stock after selling 4,792 shares during the quarter. Sky Investment Group LLC’s holdings in Otis Worldwide were worth $617,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in OTIS. Oregon Public Employees Retirement Fund increased its stake in shares of Otis Worldwide by 5.4% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 33,811 shares of the company’s stock worth $2,314,000 after acquiring an additional 1,747 shares in the last quarter. Graybill Bartz & Assoc Ltd. lifted its holdings in shares of Otis Worldwide by 1.8% during the first quarter. Graybill Bartz & Assoc Ltd. now owns 54,106 shares of the company’s stock valued at $3,704,000 after purchasing an additional 966 shares during the last quarter. Systematic Alpha Investments LLC bought a new stake in shares of Otis Worldwide in the 1st quarter worth approximately $859,000. YorkBridge Wealth Partners LLC increased its position in Otis Worldwide by 8.2% during the 1st quarter. YorkBridge Wealth Partners LLC now owns 5,663 shares of the company’s stock valued at $388,000 after buying an additional 429 shares in the last quarter. Finally, DnB Asset Management AS raised its stake in Otis Worldwide by 4.4% during the first quarter. DnB Asset Management AS now owns 96,469 shares of the company’s stock valued at $6,603,000 after buying an additional 4,088 shares during the last quarter. 83.76% of the stock is owned by institutional investors and hedge funds.
Shares of OTIS stock traded up $0.31 during mid-day trading on Thursday, reaching $71.35. 1,411 shares of the company’s stock traded hands, compared to its average volume of 2,667,778. Otis Worldwide Co. has a 12 month low of $46.00 and a 12 month high of $71.69. The firm has a 50 day moving average price of $68.24 and a two-hundred day moving average price of $66.10.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 10th. Investors of record on Friday, May 21st will be paid a dividend of $0.24 per share. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.20. The ex-dividend date is Thursday, May 20th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.35%.
Several equities analysts have recently weighed in on OTIS shares. Credit Suisse Group raised their price target on Otis Worldwide from $68.00 to $72.00 and gave the company a “neutral” rating in a report on Tuesday, February 2nd. Berenberg Bank started coverage on shares of Otis Worldwide in a research note on Monday, March 22nd. They issued a “buy” rating and a $85.00 target price on the stock. Cowen raised their price target on shares of Otis Worldwide from $75.00 to $77.00 in a research report on Wednesday, March 3rd. HSBC upgraded Otis Worldwide from a “reduce” rating to a “hold” rating and set a $65.00 target price on the stock in a research note on Monday, March 29th. Finally, Barclays upped their price target on Otis Worldwide from $62.00 to $66.00 and gave the company an “equal weight” rating in a report on Tuesday, April 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $73.75.
Otis Worldwide Company Profile
Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. The company operates through 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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