Ingalls & Snyder LLC Has $504,000 Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Ingalls & Snyder LLC decreased its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 80.5% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 5,633 shares of the company's stock after selling 23,207 shares during the period. Ingalls & Snyder LLC's holdings in Otis Worldwide were worth $504,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in Otis Worldwide by 2.2% during the first quarter. Vanguard Group Inc. now owns 39,127,186 shares of the company's stock worth $3,010,837,000 after purchasing an additional 829,784 shares during the period. Morgan Stanley raised its stake in Otis Worldwide by 5.4% during the fourth quarter. Morgan Stanley now owns 13,210,697 shares of the company's stock worth $1,034,530,000 after purchasing an additional 681,992 shares during the period. Alliancebernstein L.P. raised its stake in Otis Worldwide by 32.5% during the second quarter. Alliancebernstein L.P. now owns 12,239,672 shares of the company's stock worth $1,089,453,000 after purchasing an additional 2,999,494 shares during the period. JPMorgan Chase & Co. raised its stake in Otis Worldwide by 47.9% during the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company's stock worth $605,571,000 after purchasing an additional 2,442,203 shares during the period. Finally, Norges Bank purchased a new position in Otis Worldwide during the fourth quarter worth approximately $370,013,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded down $1.81 during midday trading on Friday, hitting $96.16. The company's stock had a trading volume of 1,537,256 shares, compared to its average volume of 1,592,720. The firm's fifty day moving average price is $95.69 and its 200-day moving average price is $88.42. The firm has a market cap of $38.87 billion, a P/E ratio of 28.37 and a beta of 1.01. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.35.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.85 by $0.02. The firm had revenue of $3.62 billion during the quarter, compared to analyst estimates of $3.57 billion. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. During the same period in the previous year, the business posted $0.75 EPS. As a group, research analysts predict that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide's dividend payout ratio is currently 40.12%.

Insider Transactions at Otis Worldwide

In other news, CEO Judith Fran Marks sold 37,312 shares of the company's stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares of the company's stock, valued at approximately $17,660,653.77. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Montlivault Stephane De sold 18,393 shares of the business's stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the sale, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the business's stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the sale, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The disclosure for this sale can be found here. Company insiders own 0.11% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. UBS Group raised their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a "neutral" rating in a research note on Friday, February 16th. Royal Bank of Canada reissued an "outperform" rating and issued a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. Melius assumed coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They issued a "hold" rating on the stock. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $97.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, February 1st. Finally, Argus raised shares of Otis Worldwide from a "hold" rating to a "buy" rating and set a $102.00 price target on the stock in a research note on Thursday, February 22nd. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide currently has a consensus rating of "Hold" and an average target price of $94.29.

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.