Russell Investments Group Ltd. Lowers Holdings in Otis Worldwide Co. (NYSE:OTIS)

Russell Investments Group Ltd. decreased its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 2.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,261,599 shares of the company's stock after selling 27,400 shares during the quarter. Russell Investments Group Ltd. owned about 0.31% of Otis Worldwide worth $112,903,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cetera Trust Company N.A bought a new stake in shares of Otis Worldwide during the fourth quarter valued at approximately $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Otis Worldwide during the fourth quarter valued at approximately $28,000. Orion Capital Management LLC purchased a new position in shares of Otis Worldwide during the third quarter valued at approximately $30,000. NBC Securities Inc. purchased a new position in shares of Otis Worldwide during the third quarter valued at approximately $33,000. Finally, CNB Bank boosted its position in shares of Otis Worldwide by 81.0% during the third quarter. CNB Bank now owns 429 shares of the company's stock valued at $34,000 after buying an additional 192 shares during the last quarter. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Down 0.9 %

OTIS stock traded down $0.82 during midday trading on Friday, hitting $92.20. The company's stock had a trading volume of 2,314,121 shares, compared to its average volume of 1,745,609. The stock's 50-day moving average price is $96.44 and its 200 day moving average price is $89.48. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.35. The stock has a market cap of $37.27 billion, a price-to-earnings ratio of 26.65 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.01. The business had revenue of $3.44 billion for the quarter, compared to analysts' expectations of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. As a group, equities analysts forecast that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. Otis Worldwide's payout ratio is presently 39.31%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the business's stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the business's stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Montlivault Stephane De sold 18,393 shares of the business's stock in a transaction 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 owns 67,274 shares in the company, valued at $6,128,661.40. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on OTIS. Royal Bank of Canada reaffirmed an "outperform" rating and set a $100.00 target price on shares of Otis Worldwide in a research report on Monday, February 5th. Vertical Research cut Otis Worldwide from a "buy" rating to a "hold" rating in a research report on Tuesday, January 2nd. Melius began coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a "hold" rating on the stock. JPMorgan Chase & Co. lifted their target price on Otis Worldwide from $104.00 to $105.00 and gave the company a "neutral" rating in a research report on Thursday. Finally, UBS Group boosted 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. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $96.86.

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.