Clifford Swan Investment Counsel LLC Lowers Holdings in Otis Worldwide Co. (NYSE:OTIS)

Clifford Swan Investment Counsel LLC decreased its position in Otis Worldwide Co. (NYSE:OTIS) by 1.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,120 shares of the company’s stock after selling 805 shares during the period. Clifford Swan Investment Counsel LLC’s holdings in Otis Worldwide were worth $4,216,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Cetera Trust Company N.A bought a new position in shares of Otis Worldwide during the fourth quarter valued at $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in Otis Worldwide in the 4th quarter worth about $28,000. Orion Capital Management LLC bought a new position in Otis Worldwide during the 3rd quarter valued at about $30,000. NBC Securities Inc. purchased a new stake in shares of Otis Worldwide during the 3rd quarter valued at about $33,000. Finally, CNB Bank boosted its holdings in shares of Otis Worldwide by 81.0% during the 3rd quarter. CNB Bank now owns 429 shares of the company’s stock valued at $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.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research report on Thursday, February 22nd. Wells Fargo & Company dropped their price target on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 25th. Melius initiated coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating for the company. JPMorgan Chase & Co. raised their target price on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Finally, UBS Group boosted their price target on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $96.86.

Insider Transactions at Otis Worldwide

In other Otis Worldwide 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 transaction of $1,675,602.30. Following the completion of the sale, 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 SEC, which is available at this link. In related news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction dated 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 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 is available through this link. Also, 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 transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded up $0.97 during trading on Monday, hitting $93.09. The company had a trading volume of 1,301,713 shares, compared to its average volume of 2,019,655. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.35. The firm has a market capitalization of $37.64 billion, a P/E ratio of 26.90 and a beta of 1.03. The stock has a 50 day simple moving average of $96.44 and a 200 day simple moving average of $89.89.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results 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 net margin of 9.99% and a negative return on equity of 31.02%. The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.44 billion. As a group, analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.68%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. Otis Worldwide’s payout ratio is presently 39.31%.

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.