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

Lazard Asset Management LLC decreased its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 18.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,434 shares of the company's stock after selling 2,904 shares during the period. Lazard Asset Management LLC's holdings in Otis Worldwide were worth $1,150,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Janus Henderson Group PLC increased its position in Otis Worldwide by 7.1% during the fourth quarter. Janus Henderson Group PLC now owns 70,485 shares of the company's stock worth $6,527,000 after buying an additional 4,674 shares in the last quarter. Focus Partners Wealth increased its position in Otis Worldwide by 51.0% during the fourth quarter. Focus Partners Wealth now owns 34,386 shares of the company's stock worth $3,184,000 after buying an additional 11,615 shares in the last quarter. Foyston Gordon & Payne Inc increased its position in Otis Worldwide by 0.3% during the fourth quarter. Foyston Gordon & Payne Inc now owns 56,094 shares of the company's stock worth $5,195,000 after buying an additional 156 shares in the last quarter. Ethic Inc. increased its position in Otis Worldwide by 3.7% during the fourth quarter. Ethic Inc. now owns 73,861 shares of the company's stock worth $6,840,000 after buying an additional 2,622 shares in the last quarter. Finally, Ewing Morris & Co. Investment Partners Ltd. purchased a new position in Otis Worldwide during the fourth quarter worth $754,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Trading Down 0.4%

Shares of OTIS opened at $98.46 on Tuesday. The firm has a market capitalization of $38.86 billion, a P/E ratio of 24.25 and a beta of 1.01. The stock's fifty day simple moving average is $97.98 and its 200 day simple moving average is $97.59. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued 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. The business 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 quarterly revenue was down 2.5% on a year-over-year basis. During the same period last year, the company posted $0.88 EPS. Sell-side analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders 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 is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.71%. Otis Worldwide's dividend payout ratio (DPR) is 44.09%.

Analyst Ratings Changes

Several research firms have weighed in on OTIS. JPMorgan Chase & Co. raised their price target on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday. Barclays decreased their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Wells Fargo & Company decreased their price objective 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. Finally, Royal Bank of Canada decreased 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 assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target 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 firm's 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 $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 SEC, which is available through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

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.

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