Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Voloridge Investment Management LLC

Voloridge Investment Management LLC reduced its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 12.1% during the 4th quarter, according to its most recent Form 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 0.33% of Otis Worldwide worth $119,524,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Otis Worldwide by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock worth $4,167,806,000 after buying an additional 149,123 shares during the period. JPMorgan Chase & Co. grew its position in Otis Worldwide by 26.5% during the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock worth $3,289,868,000 after buying an additional 7,447,860 shares during the period. Geode Capital Management LLC grew its position in Otis Worldwide by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock worth $1,031,787,000 after buying an additional 95,035 shares during the period. Franklin Resources Inc. grew its position in Otis Worldwide by 5.9% during the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock worth $720,980,000 after buying an additional 435,372 shares during the period. Finally, Norges Bank purchased a new stake in shares of Otis Worldwide in the fourth quarter valued at about $649,883,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Shares of OTIS opened at $98.46 on Tuesday. The company has a market capitalization of $38.86 billion, a price-to-earnings ratio of 24.25 and a beta of 1.01. The company's 50 day simple moving average is $97.98 and its 200 day simple moving average is $97.59. Otis Worldwide Co. has a 1 year low of $89.70 and a 1 year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced 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. The business had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The company's quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.88 earnings per share. 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. Investors of record on Friday, May 16th will be paid a dividend of $0.42 per share. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.68 annualized dividend and a dividend yield of 1.71%. Otis Worldwide's dividend payout ratio is presently 44.09%.

Wall Street Analyst Weigh In

OTIS has been the topic of several recent research reports. Barclays reduced 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. JPMorgan Chase & Co. upped their price target on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday. Wells Fargo & Company reduced their price target 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. Finally, Royal Bank of Canada reduced their price target on shares of 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 assigned a buy rating to the company. According to MarketBeat.com, Otis Worldwide presently has a consensus 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 that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. This represents a 9.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.23% of the company's stock.

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.

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