California State Teachers Retirement System Reduces Position in Otis Worldwide Co. (NYSE:OTIS)

California State Teachers Retirement System cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 4.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 704,683 shares of the company’s stock after selling 31,892 shares during the quarter. California State Teachers Retirement System’s holdings in Otis Worldwide were worth $44,959,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of OTIS. Pinnacle Financial Partners Inc. increased its position in shares of Otis Worldwide by 256.4% during the third quarter. Pinnacle Financial Partners Inc. now owns 417 shares of the company’s stock valued at $27,000 after buying an additional 300 shares during the period. Old North State Trust LLC bought a new position in shares of Otis Worldwide in the third quarter worth approximately $33,000. CI Investments Inc. increased its position in shares of Otis Worldwide by 986.5% in the third quarter. CI Investments Inc. now owns 565 shares of the company’s stock worth $36,000 after purchasing an additional 513 shares during the last quarter. Carolinas Wealth Consulting LLC increased its position in shares of Otis Worldwide by 469.6% in the second quarter. Carolinas Wealth Consulting LLC now owns 3,976 shares of the company’s stock worth $53,000 after purchasing an additional 3,278 shares during the last quarter. Finally, CoreCap Advisors LLC bought a new position in shares of Otis Worldwide in the second quarter worth approximately $58,000. 83.95% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $80.04 on Friday. The firm has a market cap of $33.21 billion, a PE ratio of 26.95 and a beta of 0.93. Otis Worldwide Co. has a fifty-two week low of $62.49 and a fifty-two week high of $87.33. The business has a 50 day moving average price of $83.16 and a 200-day moving average price of $76.59.

Otis Worldwide (NYSE:OTIS – Get Rating) last released its quarterly earnings data on Wednesday, February 1st. The company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.02. The firm had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.40 billion. Otis Worldwide had a negative return on equity of 27.69% and a net margin of 9.16%. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.72 earnings per share. Research analysts predict that Otis Worldwide Co. will post 3.43 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Friday, February 17th were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date was Thursday, February 16th. Otis Worldwide’s payout ratio is 39.06%.

Analysts Set New Price Targets

OTIS has been the topic of several research analyst reports. Cowen upped their price objective on shares of Otis Worldwide from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Thursday, February 2nd. Barclays upped their price objective on shares of Otis Worldwide from $80.00 to $81.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 2nd. Wells Fargo & Company increased their price target on shares of Otis Worldwide from $76.00 to $82.00 and gave the company an “underweight” rating in a research report on Thursday, February 2nd. Finally, Morgan Stanley increased their price target on shares of Otis Worldwide from $84.00 to $89.00 and gave the company an “equal weight” rating in a research report on Thursday, February 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and an average target price of $81.00.

Insider Buying and Selling

In related news, insider Fernandez Bernardo Calleja sold 837 shares of the firm’s stock in a transaction on Tuesday, February 14th. The stock was sold at an average price of $84.67, for a total value of $70,868.79. Following the completion of the sale, the insider now owns 19,998 shares of the company’s stock, valued at $1,693,230.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,018 shares of the firm’s stock in a transaction on Monday, February 6th. The stock was sold at an average price of $84.46, for a total transaction of $254,900.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Fernandez Bernardo Calleja sold 837 shares of the firm’s stock in a transaction on Tuesday, February 14th. The shares were sold at an average price of $84.67, for a total value of $70,868.79. Following the transaction, the insider now directly owns 19,998 shares of the company’s stock, valued at approximately $1,693,230.66. The disclosure for this sale can be found here. Insiders sold 32,777 shares of company stock valued at $2,759,404 over the last quarter. 0.11% of the stock is owned by company insiders.

About Otis Worldwide

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Otis Worldwide Corporation manufactures, installs, and services 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.