Hartford Investment Management Co. Sells 465 Shares of Otis Worldwide Co. (NYSE:OTIS)

Hartford Investment Management Co. lowered its position in Otis Worldwide Co. (NYSE:OTIS) by 1.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,571 shares of the company’s stock after selling 465 shares during the period. Hartford Investment Management Co.’s holdings in Otis Worldwide were worth $2,467,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. American Century Companies Inc. boosted its position in Otis Worldwide by 8.6% in the first quarter. American Century Companies Inc. now owns 7,817 shares of the company’s stock worth $601,000 after purchasing an additional 620 shares during the last quarter. Cibc World Market Inc. raised its stake in shares of Otis Worldwide by 3.0% during the 1st quarter. Cibc World Market Inc. now owns 11,669 shares of the company’s stock worth $898,000 after purchasing an additional 338 shares during the period. Moors & Cabot Inc. boosted its holdings in shares of Otis Worldwide by 7.7% in the 1st quarter. Moors & Cabot Inc. now owns 6,574 shares of the company’s stock worth $506,000 after buying an additional 469 shares during the last quarter. Sequoia Financial Advisors LLC grew its position in Otis Worldwide by 25.3% during the first quarter. Sequoia Financial Advisors LLC now owns 3,536 shares of the company’s stock valued at $272,000 after buying an additional 715 shares during the period. Finally, Brighton Jones LLC increased its holdings in Otis Worldwide by 5.0% during the first quarter. Brighton Jones LLC now owns 3,876 shares of the company’s stock worth $298,000 after buying an additional 183 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Down 1.1 %

Shares of NYSE OTIS opened at $97.18 on Friday. The company has a market cap of $39.40 billion, a P/E ratio of 28.67 and a beta of 1.01. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.35. The business has a 50-day simple moving average of $94.70 and a two-hundred day simple moving average of $87.61.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.85 by $0.02. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. The company had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.57 billion. During the same quarter in the previous year, the company earned $0.75 earnings per share. Equities research analysts anticipate that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were given a dividend of $0.34 per share. The ex-dividend date was Thursday, February 15th. This represents a $1.36 annualized dividend and a yield of 1.40%. Otis Worldwide’s payout ratio is presently 40.12%.

Insiders Place Their Bets

In other news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, 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 completion of the transaction, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. Corporate insiders own 0.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Barclays boosted their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday. Wells Fargo & Company reduced their price objective on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, February 1st. Royal Bank of Canada restated an “outperform” rating and issued a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research note on Thursday, February 22nd. Finally, UBS Group boosted their price objective on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $94.29.

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.