Sumitomo Mitsui Trust Holdings Inc. Decreases Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Sumitomo Mitsui Trust Holdings Inc. trimmed its position in Otis Worldwide Co. (NYSE:OTIS) by 1.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,000,033 shares of the company’s stock after selling 19,003 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.24% of Otis Worldwide worth $89,473,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Turtle Creek Wealth Advisors LLC acquired a new stake in Otis Worldwide in the fourth quarter valued at approximately $28,000. Orion Capital Management LLC purchased a new stake in shares of Otis Worldwide in the third quarter valued at about $30,000. Janiczek Wealth Management LLC boosted its holdings in Otis Worldwide by 141.1% during the third quarter. Janiczek Wealth Management LLC now owns 381 shares of the company’s stock worth $31,000 after buying an additional 223 shares in the last quarter. NBC Securities Inc. purchased a new stake in Otis Worldwide during the third quarter worth about $33,000. Finally, Resurgent Financial Advisors LLC purchased a new stake in Otis Worldwide during the fourth quarter worth about $33,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Trading Down 1.1 %

OTIS opened at $94.96 on Thursday. The company has a fifty day simple moving average of $95.93 and a 200 day simple moving average of $88.68. The firm has a market cap of $38.38 billion, a price-to-earnings ratio of 28.01 and a beta of 1.01. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.35.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.02. The company had revenue of $3.62 billion during the quarter, compared to analyst estimates of $3.57 billion. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. During the same period last year, the business earned $0.75 EPS. On average, analysts forecast that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide’s dividend payout ratio is currently 40.12%.

Insiders Place Their Bets

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the transaction, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 transaction of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Vertical Research downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. 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. Barclays increased 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 note on Tuesday, April 2nd. UBS Group increased their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. Finally, Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research report on Thursday, February 22nd. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $94.29.

Otis Worldwide Company 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.