Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. raised its holdings in Otis Worldwide Co. (NYSE:OTIS) by 1.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,173,904 shares of the company’s stock after purchasing an additional 41,361 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Otis Worldwide were worth $194,499,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in shares of Otis Worldwide by 14.0% during the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 15,219 shares of the company’s stock valued at $1,362,000 after acquiring an additional 1,866 shares during the period. Apollon Wealth Management LLC boosted its position in shares of Otis Worldwide by 10.9% in the 4th quarter. Apollon Wealth Management LLC now owns 4,843 shares of the company’s stock worth $433,000 after buying an additional 475 shares in the last quarter. Lincoln National Corp grew its stake in Otis Worldwide by 34.5% in the 4th quarter. Lincoln National Corp now owns 5,253 shares of the company’s stock valued at $470,000 after acquiring an additional 1,347 shares during the last quarter. Fielder Capital Group LLC purchased a new position in Otis Worldwide during the 4th quarter valued at about $265,000. Finally, Machina Capital S.A.S. acquired a new position in Otis Worldwide during the fourth quarter worth about $1,233,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on OTIS shares. Royal Bank of Canada reissued an “outperform” rating and set a $100.00 price objective on shares of Otis Worldwide in a research note on Monday, February 5th. JPMorgan Chase & Co. boosted their price target on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Melius started coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Wells Fargo & Company dropped their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 25th. Finally, Barclays upped their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average price target of $96.86.

Otis Worldwide Trading Up 1.7 %

Shares of NYSE:OTIS opened at $96.16 on Friday. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.35. The firm has a market cap of $38.88 billion, a P/E ratio of 27.79 and a beta of 1.03. The company has a 50 day moving average of $96.42 and a 200-day moving average of $90.14.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) 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 firm had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.44 billion. Equities research analysts forecast 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 paid a $0.39 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.62%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s payout ratio is currently 45.09%.

Insider Buying and Selling

In related news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the sale, the executive vice president now directly owns 15,570 shares in the company, valued at $1,458,753.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide 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 transaction, the executive vice president now owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 transaction 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. 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.