Cassady Schiller Wealth Management LLC Lowers Position in Otis Worldwide Co. (NYSE:OTIS)

Cassady Schiller Wealth Management LLC cut its holdings in Otis Worldwide Co. (NYSE:OTIS) by 17.0% in the fourth quarter, Holdings Channel reports. The fund owned 732 shares of the company’s stock after selling 150 shares during the quarter. Cassady Schiller Wealth Management LLC’s holdings in Otis Worldwide were worth $66,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its stake in Otis Worldwide by 47.9% in the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after acquiring an additional 2,442,203 shares during the period. Norges Bank purchased a new stake in shares of Otis Worldwide during the fourth quarter valued at about $628,855,000. Northern Trust Corp lifted its position in shares of Otis Worldwide by 3.0% during the third quarter. Northern Trust Corp now owns 4,661,849 shares of the company’s stock valued at $374,393,000 after buying an additional 135,048 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its position in shares of Otis Worldwide by 1.7% during the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,448,272 shares of the company’s stock valued at $276,931,000 after buying an additional 59,211 shares during the last quarter. Finally, PineStone Asset Management Inc. lifted its position in shares of Otis Worldwide by 17.4% during the fourth quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company’s stock valued at $298,721,000 after buying an additional 494,460 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Otis Worldwide

In other 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 sale, 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a research report on Monday, February 5th. JPMorgan Chase & Co. increased their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. UBS Group increased their price objective on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Argus increased their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Finally, Melius began coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating for the company. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $97.71.

Otis Worldwide Price Performance

NYSE:OTIS traded down $1.67 during midday trading on Thursday, hitting $97.03. The company’s stock had a trading volume of 1,366,059 shares, compared to its average volume of 1,995,872. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35. The firm’s 50 day moving average is $96.60 and its 200-day moving average is $91.55. The firm has a market cap of $39.23 billion, a P/E ratio of 28.53 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its quarterly 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. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The company had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.44 billion. As a group, analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The company 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 dividend of $0.39 per share. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.61%. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

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.