USS Investment Management Ltd Sells 22,926 Shares of Otis Worldwide Co. (NYSE:OTIS)

USS Investment Management Ltd reduced its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,293,062 shares of the company's stock after selling 22,926 shares during the period. Otis Worldwide comprises about 1.5% of USS Investment Management Ltd's investment portfolio, making the stock its 14th largest holding. USS Investment Management Ltd owned 0.58% of Otis Worldwide worth $212,349,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Resonant Capital Advisors LLC increased its stake in Otis Worldwide by 3.1% during the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company's stock worth $320,000 after acquiring an additional 105 shares during the period. Coldstream Capital Management Inc. lifted its holdings in Otis Worldwide by 4.2% during the 4th quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock worth $249,000 after buying an additional 109 shares during the period. Montis Financial LLC lifted its holdings in Otis Worldwide by 5.2% during the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company's stock worth $205,000 after buying an additional 110 shares during the period. AlTi Global Inc. lifted its holdings in Otis Worldwide by 4.9% during the 4th quarter. AlTi Global Inc. now owns 2,404 shares of the company's stock worth $223,000 after buying an additional 113 shares during the period. Finally, Dorsey & Whitney Trust CO LLC raised its position in shares of Otis Worldwide by 1.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company's stock worth $643,000 after acquiring an additional 114 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

OTIS has been the subject of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday. Wells Fargo & Company dropped their price objective 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. Barclays dropped their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. Finally, Royal Bank of Canada lowered their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. Two 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. According to data from MarketBeat, Otis Worldwide presently has an average rating of "Hold" and an average price target of $100.71.

Insider Buying and Selling

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the firm's 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 transaction, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $98.46 on Tuesday. The stock has a market cap of $38.86 billion, a P/E ratio of 24.25 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 firm's 50 day moving average price is $97.98 and its 200-day moving average price is $97.59.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. During the same quarter in the previous year, the business posted $0.88 earnings per share. The business's revenue was down 2.5% compared to the same quarter last year. As a group, equities analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared 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 represents a $1.68 annualized dividend and a yield of 1.71%. The ex-dividend date is Friday, May 16th. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio is 44.09%.

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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