Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Ameriprise Financial Inc.

Ameriprise Financial Inc. lessened its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 13.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 243,856 shares of the company's stock after selling 37,322 shares during the period. Ameriprise Financial Inc. owned about 0.06% of Otis Worldwide worth $22,584,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. PineStone Asset Management Inc. lifted its holdings in Otis Worldwide by 4.2% in the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company's stock valued at $278,054,000 after acquiring an additional 121,322 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares in the last quarter. SVB Wealth LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at $337,000. Clarkston Capital Partners LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at $8,743,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Otis Worldwide by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company's stock valued at $213,418,000 after acquiring an additional 67,937 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Insider Activity at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is owned by insiders.

Otis Worldwide Trading Up 1.0%

Shares of NYSE OTIS traded up $0.99 during midday trading on Friday, reaching $98.85. 3,716,240 shares of the company were exchanged, compared to its average volume of 2,319,711. Otis Worldwide Co. has a 1 year low of $89.70 and a 1 year high of $106.83. The stock has a fifty day simple moving average of $98.02 and a 200 day simple moving average of $97.60. The stock has a market cap of $39.01 billion, a P/E ratio of 24.35 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. The firm had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The business's revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the company posted $0.88 earnings per share. As a group, analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be given a $0.42 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a yield of 1.70%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio (DPR) is presently 44.09%.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. JPMorgan Chase & Co. increased their target price on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday. Wells Fargo & Company dropped their target price on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. Barclays dropped their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Finally, Royal Bank of Canada dropped their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $100.71.

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.