Public Employees Retirement System of Ohio Sells 8,972 Shares of Otis Worldwide Co. (NYSE:OTIS)

Public Employees Retirement System of Ohio cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 5.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund 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 SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of OTIS. Vanguard Group Inc. increased its holdings in Otis Worldwide by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock valued at $4,167,806,000 after buying an additional 149,123 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Otis Worldwide by 26.5% during the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after acquiring an additional 7,447,860 shares during the period. Geode Capital Management LLC increased its stake in shares of Otis Worldwide by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock worth $1,031,787,000 after purchasing an additional 95,035 shares in the last quarter. Franklin Resources Inc. raised its holdings in Otis Worldwide by 5.9% in the 4th quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock worth $720,980,000 after purchasing an additional 435,372 shares during the period. Finally, Norges Bank purchased a new position in Otis Worldwide during the fourth quarter valued at $649,883,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Price Performance

Shares of OTIS stock traded down $1.91 during mid-day trading on Wednesday, hitting $95.18. The company had a trading volume of 1,988,502 shares, compared to its average volume of 2,331,858. The stock's 50 day moving average price is $97.50 and its 200-day moving average price is $97.49. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83. The company has a market capitalization of $37.57 billion, a P/E 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, topping the consensus estimate of $0.91 by $0.01. The business had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The business's quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.88 EPS. On average, equities research analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, May 16th. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a yield of 1.77%. Otis Worldwide's dividend payout ratio is presently 44.09%.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. 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. Barclays reduced their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Royal Bank of Canada dropped 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. Finally, JPMorgan Chase & Co. increased their price target on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Otis Worldwide presently has a consensus rating of "Hold" and an average target price of $100.71.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction 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 transaction, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. This trade represents a 9.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is currently owned by company insiders.

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.