Otis Worldwide Co. (NYSE:OTIS) Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System reduced its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 647,179 shares of the company's stock after selling 11,745 shares during the period. California State Teachers Retirement System owned 0.16% of Otis Worldwide worth $59,935,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. PineStone Asset Management Inc. raised its holdings in shares of 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 in the last quarter. JPMorgan Chase & Co. increased its position in Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares during the period. SVB Wealth LLC bought a new stake in shares of Otis Worldwide in the 4th quarter valued at about $337,000. Clarkston Capital Partners LLC purchased a new stake in shares of Otis Worldwide in the 4th quarter worth approximately $8,743,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Otis Worldwide by 3.0% during 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 purchasing an additional 67,937 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of analyst reports. JPMorgan Chase & Co. upped their target price on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Wells Fargo & Company reduced their price target on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. Royal Bank of Canada decreased their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Finally, Barclays cut their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, Otis Worldwide has a consensus rating of "Hold" and a consensus target price of $100.71.

Insider Activity at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. This represents a 9.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Trading Up 0.2%

Shares of OTIS stock traded up $0.20 during trading hours on Friday, reaching $95.36. 3,846,113 shares of the company's stock were exchanged, compared to its average volume of 2,319,140. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The stock's 50 day moving average is $97.14 and its 200-day moving average is $97.36. The company has a market cap of $37.64 billion, a price-to-earnings ratio of 23.49 and a beta of 1.01.

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

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be issued a dividend of $0.42 per share. The ex-dividend date is Friday, May 16th. This represents a $1.68 annualized dividend and a dividend yield of 1.76%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio is 44.09%.

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.