New York State Common Retirement Fund Cuts Stock Position in Otis Worldwide Co. (NYSE:OTIS)

New York State Common Retirement Fund lessened its stake in Otis Worldwide Co. (NYSE:OTIS) by 9.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 405,994 shares of the company’s stock after selling 44,142 shares during the period. New York State Common Retirement Fund owned 0.10% of Otis Worldwide worth $36,324,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Jennison Associates LLC grew its stake in Otis Worldwide by 11.2% in the fourth quarter. Jennison Associates LLC now owns 1,356,265 shares of the company’s stock valued at $121,345,000 after purchasing an additional 137,085 shares during the last quarter. Cetera Trust Company N.A purchased a new stake in shares of Otis Worldwide during the fourth quarter worth about $27,000. Handelsbanken Fonder AB grew its stake in shares of Otis Worldwide by 73.7% during the fourth quarter. Handelsbanken Fonder AB now owns 232,094 shares of the company’s stock worth $20,765,000 after acquiring an additional 98,486 shares during the last quarter. CWM LLC grew its stake in shares of Otis Worldwide by 4.8% during the fourth quarter. CWM LLC now owns 14,152 shares of the company’s stock worth $1,266,000 after acquiring an additional 652 shares during the last quarter. Finally, Criterion Capital Advisors LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth about $49,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $93.37 on Thursday. The stock has a market capitalization of $37.74 billion, a PE ratio of 27.54 and a beta of 1.01. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.35. The business has a 50 day simple moving average of $96.41 and a 200-day simple moving average of $89.24.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. The business had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. On average, equities research analysts anticipate that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 40.12%.

Insider Activity

In other news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the sale, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on OTIS shares. Royal Bank of Canada restated an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a research note on Monday, February 5th. Wells Fargo & Company dropped their price target on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 1st. Barclays lifted their target price on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Vertical Research downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Finally, Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a report on Thursday, February 22nd. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $95.00.

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.