Sumitomo Mitsui Trust Holdings Inc. Has $89.47 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Sumitomo Mitsui Trust Holdings Inc. decreased its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,000,033 shares of the company's stock after selling 19,003 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.24% of Otis Worldwide worth $89,473,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. American Century Companies Inc. increased its stake in Otis Worldwide by 8.6% in the 1st quarter. American Century Companies Inc. now owns 7,817 shares of the company's stock valued at $601,000 after buying an additional 620 shares during the period. Cibc World Market Inc. raised its stake in shares of Otis Worldwide by 3.0% during the 1st quarter. Cibc World Market Inc. now owns 11,669 shares of the company's stock worth $898,000 after buying an additional 338 shares in the last quarter. Moors & Cabot Inc. lifted its holdings in shares of Otis Worldwide by 7.7% in the 1st quarter. Moors & Cabot Inc. now owns 6,574 shares of the company's stock valued at $506,000 after buying an additional 469 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in Otis Worldwide by 25.3% in the first quarter. Sequoia Financial Advisors LLC now owns 3,536 shares of the company's stock valued at $272,000 after acquiring an additional 715 shares during the period. Finally, Brighton Jones LLC grew its stake in shares of Otis Worldwide by 5.0% during the 1st quarter. Brighton Jones LLC now owns 3,876 shares of the company's stock worth $298,000 after purchasing an additional 183 shares during the period. Institutional investors and hedge funds own 88.03% of the company's stock.

Insider Activity

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the business's stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares in the company, valued at $6,128,661.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction dated 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 sale, the chief executive officer now directly owns 192,319 shares of the company's stock, valued at $17,660,653.77. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the business's stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the transaction, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on OTIS shares. Melius assumed coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They set a "hold" rating on the stock. Vertical Research cut Otis Worldwide from a "buy" rating to a "hold" rating in a report on Tuesday, January 2nd. Wells Fargo & Company cut their price target on Otis Worldwide from $97.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, February 1st. Argus raised Otis Worldwide from a "hold" rating to a "buy" rating and set a $102.00 price objective on the stock in a research note on Thursday, February 22nd. Finally, UBS Group lifted their price objective on Otis Worldwide from $87.00 to $95.00 and gave the stock a "neutral" rating in a research report on Friday, February 16th. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $94.29.

Otis Worldwide Price Performance

NYSE:OTIS traded up $0.53 during mid-day trading on Thursday, reaching $95.49. The company's stock had a trading volume of 1,794,443 shares, compared to its average volume of 1,997,065. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.35. The company's fifty day simple moving average is $96.03 and its two-hundred day simple moving average is $88.73. The stock has a market cap of $38.60 billion, a P/E ratio of 28.17 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.02. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. The business had revenue of $3.62 billion for the quarter, compared to analysts' expectations of $3.57 billion. During the same period last year, the company earned $0.75 earnings per share. Sell-side analysts expect that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide's dividend payout ratio (DPR) is presently 40.12%.

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.