Sawgrass Asset Management LLC lessened its stake in Otis Worldwide Co. (NYSE:OTIS – Free Report) by 3.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 65,337 shares of the company’s stock after selling 2,147 shares during the quarter. Sawgrass Asset Management LLC’s holdings in Otis Worldwide were worth $5,846,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of OTIS. Cetera Trust Company N.A purchased a new position in Otis Worldwide in the 4th quarter worth about $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 purchased a new position in Otis Worldwide in the 3rd quarter worth about $30,000. NBC Securities Inc. purchased a new position in Otis Worldwide in the 3rd quarter worth about $33,000. Finally, CNB Bank raised its position in Otis Worldwide by 81.0% in the 3rd quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after buying an additional 192 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.
Insider Activity
In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated 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 transaction, the insider now owns 67,274 shares in the company, valued at $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated 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 transaction, the insider now owns 67,274 shares in the company, valued at $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the sale, the executive vice president now owns 15,570 shares in the company, valued at approximately $1,458,753.30. The disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.
Analyst Upgrades and Downgrades
Read Our Latest Report on OTIS
Otis Worldwide Price Performance
Shares of NYSE:OTIS traded up $0.64 on Wednesday, hitting $94.53. 1,664,889 shares of the company’s stock were exchanged, compared to its average volume of 2,011,730. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.35. The stock has a market capitalization of $38.22 billion, a price-to-earnings ratio of 27.32 and a beta of 1.03. The business’s 50 day simple moving average is $96.43 and its two-hundred day simple moving average is $90.11.
Otis Worldwide (NYSE:OTIS – Get Free Report) last released its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.01. The business had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. Equities analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current fiscal 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 paid a dividend of $0.39 per share. The ex-dividend date is Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio (DPR) is currently 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.
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