Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA cut its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 3.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,486,331 shares of the company's stock after selling 230,311 shares during the period. Massachusetts Financial Services Co. MA owned 1.85% of Otis Worldwide worth $669,802,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. JPMorgan Chase & Co. lifted 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 in the last quarter. Northern Trust Corp increased its stake in Otis Worldwide by 3.0% during the third quarter. Northern Trust Corp now owns 4,661,849 shares of the company's stock worth $374,393,000 after purchasing an additional 135,048 shares during the period. Grantham Mayo Van Otterloo & Co. LLC lifted its position in shares of Otis Worldwide by 1.7% during the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,448,272 shares of the company's stock worth $276,931,000 after purchasing an additional 59,211 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in shares of Otis Worldwide by 3.8% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,309,855 shares of the company's stock worth $265,814,000 after purchasing an additional 120,853 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp boosted its stake in shares of Otis Worldwide by 6.8% in the third quarter. OMERS ADMINISTRATION Corp now owns 2,324,016 shares of the company's stock valued at $186,642,000 after purchasing an additional 146,968 shares during the period. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

NYSE OTIS traded down $0.50 during trading on Monday, reaching $96.60. 1,746,908 shares of the company's stock were exchanged, compared to its average volume of 2,012,298. The company has a 50 day moving average price of $96.49 and a two-hundred day moving average price of $90.67. The stock has a market cap of $39.06 billion, a P/E ratio of 27.92 and a beta of 1.03. 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 issued 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. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. Research analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued a $0.39 dividend. This is a boost from Otis Worldwide's previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.61%. Otis Worldwide's dividend payout ratio is presently 39.31%.

Insider Activity at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the business's stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the sale, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Peiming Zheng sold 30,364 shares of the business's stock in a transaction that occurred on Tuesday, May 7th. The stock was 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 owns 15,570 shares of the company's stock, valued at $1,458,753.30. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide 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 completion of the sale, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. Insiders own 0.23% of the company's stock.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several recent research reports. JPMorgan Chase & Co. upped their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a "neutral" rating in a research note on Thursday, April 25th. UBS Group increased their price objective on Otis Worldwide from $87.00 to $95.00 and gave the company a "neutral" rating in a research note on Friday, February 16th. Barclays boosted their target price on Otis Worldwide from $85.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 2nd. Wells Fargo & Company reduced their price target on Otis Worldwide from $102.00 to $98.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 25th. Finally, Argus lifted their price objective on Otis Worldwide from $102.00 to $108.00 and gave the company a "buy" rating in a research note on Monday. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $97.71.

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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