Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Cacti Asset Management LLC

Cacti Asset Management LLC lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 93.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 400 shares of the company's stock after selling 5,365 shares during the quarter. Cacti Asset Management LLC's holdings in Otis Worldwide were worth $41,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. lifted its position in Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after buying an additional 8,161,946 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Otis Worldwide by 1.5% in the 4th quarter. Janney Montgomery Scott LLC now owns 57,347 shares of the company's stock worth $5,311,000 after acquiring an additional 843 shares during the last quarter. PFG Investments LLC boosted its stake in shares of Otis Worldwide by 4.1% during the 4th quarter. PFG Investments LLC now owns 3,342 shares of the company's stock worth $309,000 after purchasing an additional 131 shares during the period. Blue Trust Inc. grew its holdings in Otis Worldwide by 43.3% during the 4th quarter. Blue Trust Inc. now owns 4,452 shares of the company's stock valued at $412,000 after purchasing an additional 1,345 shares during the last quarter. Finally, Perigon Wealth Management LLC grew its holdings in Otis Worldwide by 1.9% during the 4th quarter. Perigon Wealth Management LLC now owns 17,005 shares of the company's stock valued at $1,585,000 after purchasing an additional 309 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Performance

NYSE OTIS traded up $0.20 on Friday, reaching $95.36. 3,846,113 shares of the stock traded hands, compared to its average volume of 2,338,427. Otis Worldwide Co. has a 12 month low of $89.70 and a 12 month high of $106.83. The company has a market cap of $37.64 billion, a price-to-earnings ratio of 23.49 and a beta of 1.01. The company has a fifty day moving average price of $97.14 and a 200-day moving average price of $97.40.

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. 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 analyst estimates of $3.41 billion. During the same quarter last year, the firm posted $0.88 earnings per share. The business's revenue for the quarter was down 2.5% on a year-over-year basis. As a group, research analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Stockholders 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 an increase from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.76%. Otis Worldwide's dividend payout ratio (DPR) is currently 44.09%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Barclays decreased their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Wells Fargo & Company cut their price objective on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 24th. Finally, 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 research note on Monday, April 28th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $100.71.

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.