Otis Worldwide Co. (NYSE:OTIS) Position Lowered by Man Group plc

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

Other hedge funds have also added to or reduced their stakes in the company. Transce3nd LLC purchased a new position in Otis Worldwide in the fourth quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd bought a new position in shares of Otis Worldwide in the fourth quarter worth $28,000. Centricity Wealth Management LLC purchased a new stake in Otis Worldwide in the fourth quarter valued at approximately $33,000. Golden State Wealth Management LLC purchased a new position in shares of Otis Worldwide in the 4th quarter worth about $34,000. Finally, Flagship Wealth Advisors LLC bought a new position in shares of Otis Worldwide during the 4th quarter valued at $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on OTIS shares. JPMorgan Chase & Co. boosted their price target on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday. Royal Bank of Canada reduced 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 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, Barclays cut 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. Two investment 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. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of "Hold" and an average price target of $100.71.

Insider Activity

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction on 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 owns 63,931 shares in the company, valued at approximately $6,731,934.30. This represents a 9.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.23% of the company's stock.

Otis Worldwide Trading Down 0.4%

NYSE:OTIS traded down $0.36 during trading hours on Tuesday, hitting $98.18. 2,410,309 shares of the stock were exchanged, compared to its average volume of 2,327,580. The firm's fifty day moving average price is $97.96 and its 200 day moving average price is $97.59. The company has a market cap of $38.75 billion, a P/E ratio of 24.18 and a beta of 1.01. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The firm had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same period in the previous year, the firm earned $0.88 EPS. Otis Worldwide's revenue was down 2.5% on a year-over-year basis. Equities analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be given a dividend of $0.42 per share. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide's payout ratio is 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.