Public Employees Retirement System of Ohio Has $13.16 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Public Employees Retirement System of Ohio trimmed its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 5.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 142,047 shares of the company's stock after selling 8,972 shares during the period. Public Employees Retirement System of Ohio's holdings in Otis Worldwide were worth $13,155,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. PineStone Asset Management Inc. grew its holdings in Otis Worldwide by 4.2% during the 4th quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company's stock worth $278,054,000 after acquiring an additional 121,322 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after acquiring an additional 8,161,946 shares during the period. SVB Wealth LLC purchased a new position in shares of Otis Worldwide in the 4th quarter valued at about $337,000. Clarkston Capital Partners LLC purchased a new position in Otis Worldwide during the 4th quarter valued at about $8,743,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in Otis Worldwide by 3.0% during the 4th 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. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on OTIS. Royal Bank of Canada lowered their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Wells Fargo & Company lowered their price target on shares of 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. JPMorgan Chase & Co. raised their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Finally, Barclays decreased their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Friday, April 25th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $100.71.

Insider Activity

In related news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide 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 completion of the transaction, the insider now directly owns 63,931 shares of the company's stock, valued at $6,731,934.30. The trade was a 9.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Price Performance

OTIS traded up $0.03 during midday trading on Friday, hitting $95.19. 637,875 shares of the company's stock traded hands, compared to its average volume of 2,327,040. Otis Worldwide Co. has a one year low of $89.70 and a one year high of $106.83. The stock's fifty day simple moving average is $97.26 and its 200-day simple moving average is $97.43. The company has a market cap of $37.57 billion, a PE ratio of 23.44 and a beta of 1.01.

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

Otis Worldwide Increases Dividend

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

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.