Man Group plc Sells 117,312 Shares of Otis Worldwide Co. (NYSE:OTIS)

Man Group plc reduced its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 45.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 138,257 shares of the company's stock after selling 117,312 shares during the period. Man Group plc's holdings in Otis Worldwide were worth $12,804,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Nomura Holdings Inc. acquired a new stake in Otis Worldwide in the fourth quarter valued at approximately $1,219,000. NorthRock Partners LLC bought a new position in shares of Otis Worldwide in the 4th quarter valued at $583,000. Occudo Quantitative Strategies LP acquired a new stake in shares of Otis Worldwide during the 4th quarter valued at $3,217,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Otis Worldwide by 3.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,572 shares of the company's stock worth $4,128,000 after acquiring an additional 1,515 shares during the last quarter. Finally, Janus Henderson Group PLC increased its holdings in Otis Worldwide by 7.1% in the 4th quarter. Janus Henderson Group PLC now owns 70,485 shares of the company's stock worth $6,527,000 after purchasing an additional 4,674 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded down $0.65 during trading on Friday, reaching $96.54. 441,366 shares of the company traded hands, compared to its average volume of 2,322,643. The firm has a market capitalization of $38.10 billion, a PE ratio of 23.82 and a beta of 1.01. Otis Worldwide Co. has a 1-year low of $89.70 and a 1-year high of $106.83. The company has a 50 day moving average price of $97.82 and a 200-day moving average price of $97.58.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates 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 business had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same period in the prior 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 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 announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be issued a $0.42 dividend. This is a boost 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 1.74%. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide's dividend payout ratio (DPR) is currently 44.09%.

Analysts Set New Price Targets

Several research firms have recently weighed in on OTIS. JPMorgan Chase & Co. boosted their price target 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 target price on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. Royal Bank of Canada dropped their price target 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. Finally, Barclays cut their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide has an average rating of "Hold" and an average price target of $100.71.

Insider Activity at Otis Worldwide

In related news, insider Montlivault Stephane De sold 6,660 shares of the company'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 owns 63,931 shares in the company, valued at $6,731,934.30. This represents a 9.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.23% of the stock is currently owned by 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.