Spinnaker Trust Sells 365 Shares of Otis Worldwide Co. (NYSE:OTIS)

Spinnaker Trust trimmed its holdings in Otis Worldwide Co. (NYSE:OTIS) by 10.8% in the 4th quarter, HoldingsChannel reports. The firm owned 3,010 shares of the company’s stock after selling 365 shares during the quarter. Spinnaker Trust’s holdings in Otis Worldwide were worth $269,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of Otis Worldwide by 54.5% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,772 shares of the company’s stock valued at $544,000 after acquiring an additional 2,390 shares during the last quarter. Stevens Capital Management LP boosted its position in shares of Otis Worldwide by 142.1% during the 4th quarter. Stevens Capital Management LP now owns 7,555 shares of the company’s stock valued at $676,000 after acquiring an additional 4,435 shares during the last quarter. International Assets Investment Management LLC boosted its position in shares of Otis Worldwide by 13,638.0% during the 4th quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock valued at $13,570,000 after acquiring an additional 150,563 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Otis Worldwide by 176.4% during the 4th quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock valued at $10,378,000 after acquiring an additional 74,030 shares during the last quarter. Finally, Smith Salley & Associates bought a new position in shares of Otis Worldwide during the 4th quarter valued at approximately $1,113,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Down 0.9 %

Shares of Otis Worldwide stock traded down $0.82 during trading on Friday, hitting $92.20. 2,314,121 shares of the stock traded hands, compared to its average volume of 1,745,609. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.35. The stock’s fifty day simple moving average is $96.44 and its 200 day simple moving average is $89.35. The firm has a market cap of $37.27 billion, a P/E ratio of 26.64 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The company had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.44 billion. As a group, equities analysts expect that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend is Thursday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio (DPR) is currently 39.31%.

Analysts Set New Price Targets

A number of research analysts have recently commented on OTIS shares. Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research report on Monday, February 5th. Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a report on Thursday, February 22nd. Barclays increased their price target on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Finally, Melius began coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating on the stock. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average price target of $96.86.

Insiders Place Their Bets

In other news, CEO Judith Fran Marks sold 37,312 shares of the firm’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 completion of the transaction, 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 SEC, which is available at the SEC website. In other news, CEO Judith Fran Marks sold 37,312 shares of the firm’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 completion of the transaction, 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 SEC, which is available at the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of the firm’s 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 completion of the transaction, 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. Corporate insiders own 0.23% of the company’s stock.

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.