Charles Schwab Investment Management Inc. Purchases 41,361 Shares of Otis Worldwide Co. (NYSE:OTIS)

Charles Schwab Investment Management Inc. lifted its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,173,904 shares of the company's stock after acquiring an additional 41,361 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.53% of Otis Worldwide worth $194,499,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in Otis Worldwide by 14.0% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 15,219 shares of the company's stock worth $1,362,000 after acquiring an additional 1,866 shares in the last quarter. Apollon Wealth Management LLC boosted its position in Otis Worldwide by 10.9% during the 4th quarter. Apollon Wealth Management LLC now owns 4,843 shares of the company's stock valued at $433,000 after acquiring an additional 475 shares in the last quarter. Lincoln National Corp raised its holdings in Otis Worldwide by 34.5% in the fourth quarter. Lincoln National Corp now owns 5,253 shares of the company's stock worth $470,000 after purchasing an additional 1,347 shares in the last quarter. Fielder Capital Group LLC purchased a new stake in Otis Worldwide during the fourth quarter valued at approximately $265,000. Finally, Machina Capital S.A.S. acquired a new position in Otis Worldwide during the 4th quarter valued at about $1,233,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on OTIS. Barclays lifted their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 2nd. Argus upgraded shares of Otis Worldwide from a "hold" rating to a "buy" rating and set a $102.00 price target for the company in a research note on Thursday, February 22nd. Royal Bank of Canada reiterated an "outperform" rating and set a $100.00 price target on shares of Otis Worldwide in a research note on Monday, February 5th. Melius began coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a "hold" rating on the stock. Finally, UBS Group upped their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a "neutral" rating in a research report on Friday, February 16th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Otis Worldwide has a consensus rating of "Hold" and an average price target of $96.86.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS traded up $0.97 during trading on Friday, hitting $97.10. 2,462,521 shares of the stock were exchanged, compared to its average volume of 2,015,213. The company has a market capitalization of $39.26 billion, a price-to-earnings ratio of 27.79 and a beta of 1.03. The company's fifty day simple moving average is $96.44 and its 200-day simple moving average is $90.18. 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, April 24th. The company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. On average, research analysts forecast that Otis Worldwide Co. will post 3.88 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 issued a $0.39 dividend. The ex-dividend date 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 yield of 1.61%. Otis Worldwide's dividend payout ratio (DPR) is 45.09%.

Insider Buying and Selling

In other news, insider Montlivault Stephane De sold 18,393 shares of the firm'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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the firm's stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the transaction, the executive vice president now directly owns 15,570 shares of the company's stock, valued at approximately $1,458,753.30. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide 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 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. 0.23% of the stock is currently owned by company insiders.

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.