Voloridge Investment Management LLC Decreases Position in Otis Worldwide Co. (NYSE:OTIS)

Voloridge Investment Management LLC trimmed its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 12.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,290,620 shares of the company's stock after selling 177,576 shares during the quarter. Voloridge Investment Management LLC owned about 0.33% of Otis Worldwide worth $119,524,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in OTIS. PineStone Asset Management Inc. boosted its stake in shares of Otis Worldwide by 4.2% in the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company's stock valued at $278,054,000 after buying an additional 121,322 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after buying an additional 8,161,946 shares in the last quarter. SVB Wealth LLC purchased a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $337,000. Clarkston Capital Partners LLC purchased a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $8,743,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Otis Worldwide by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company's stock valued at $213,418,000 after buying an additional 67,937 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the business's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. The trade was a 9.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.23% of the stock is owned by company insiders.

Otis Worldwide Trading Down 0.5%

Shares of NYSE OTIS traded down $0.44 during trading on Friday, reaching $96.74. The company had a trading volume of 2,286,762 shares, compared to its average volume of 2,333,170. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83. The stock has a market capitalization of $38.18 billion, a PE ratio of 23.83 and a beta of 1.01. The stock has a 50-day moving average price of $97.72 and a two-hundred day moving average price of $97.54.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its 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. The firm had revenue of $3.35 billion during 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% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.88 earnings per share. On average, sell-side analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.74%. 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. Otis Worldwide's payout ratio is 44.09%.

Analyst Ratings Changes

OTIS has been the topic of a number of research analyst reports. Royal Bank of Canada decreased their target price on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th. Barclays decreased their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Wells Fargo & Company decreased their target price 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, JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat, Otis Worldwide currently has an average rating of "Hold" and an average target price of $100.71.

Otis Worldwide Company 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.