Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Paladin Advisory Group LLC

Paladin Advisory Group LLC reduced its stake in Otis Worldwide Co. (NYSE:OTIS) by 67.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 407 shares of the company’s stock after selling 862 shares during the period. Paladin Advisory Group LLC’s holdings in Otis Worldwide were worth $36,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of OTIS. Meiji Yasuda Asset Management Co Ltd. raised its stake in Otis Worldwide by 54.5% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,772 shares of the company’s stock valued at $544,000 after buying an additional 2,390 shares in the last quarter. International Assets Investment Management LLC raised its stake in Otis Worldwide by 13,638.0% in the fourth quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock valued at $13,570,000 after buying an additional 150,563 shares in the last quarter. SG Americas Securities LLC raised its stake in Otis Worldwide by 176.4% in the fourth quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock valued at $10,378,000 after buying an additional 74,030 shares in the last quarter. Smith Salley & Associates acquired a new stake in Otis Worldwide in the fourth quarter valued at $1,113,000. Finally, Assenagon Asset Management S.A. raised its stake in Otis Worldwide by 29.1% in the fourth quarter. Assenagon Asset Management S.A. now owns 135,428 shares of the company’s stock valued at $12,117,000 after buying an additional 30,530 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction 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 approximately $17,660,653.77. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction 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. 0.23% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on OTIS. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 price objective on shares of Otis Worldwide in a report on Monday, February 5th. Wells Fargo & Company lowered their price target on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, February 1st. UBS Group raised their price target on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Finally, Barclays raised their price target on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $94.29.

Otis Worldwide Trading Down 0.4 %

Shares of NYSE:OTIS traded down $0.37 during trading on Friday, hitting $95.12. 2,339,698 shares of the stock were exchanged, compared to its average volume of 2,001,572. The company has a fifty day moving average price of $96.03 and a two-hundred day moving average price of $88.73. The company has a market cap of $38.45 billion, a PE ratio of 28.17 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.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. The firm had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same quarter in the prior year, the company earned $0.75 EPS. Equities research analysts anticipate that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide’s payout ratio is currently 40.12%.

About Otis Worldwide

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.