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Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Gateway Investment Advisers LLC

Otis Worldwide logo with Construction background

Gateway Investment Advisers LLC lessened its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 18.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,681 shares of the company's stock after selling 12,635 shares during the period. Gateway Investment Advisers LLC's holdings in Otis Worldwide were worth $5,428,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Cetera Trust Company N.A bought a new position in shares of Otis Worldwide in the 4th quarter valued at about $27,000. Turtle Creek Wealth Advisors LLC bought a new position in Otis Worldwide during the fourth quarter worth about $28,000. Orion Capital Management LLC bought a new position in Otis Worldwide during the third quarter worth about $30,000. Pacific Capital Wealth Advisors Inc. bought a new position in Otis Worldwide during the fourth quarter worth about $35,000. Finally, Accent Capital Management LLC bought a new position in Otis Worldwide during the fourth quarter worth about $36,000. Institutional investors own 88.03% of the company's stock.

Insider Transactions at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the firm's stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the sale, the executive vice president now owns 15,570 shares in the company, valued at approximately $1,458,753.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.23% of the stock is currently owned by company insiders.


Analyst Ratings Changes

A number of equities analysts recently commented on OTIS shares. Melius began coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a "hold" rating for the company. Argus lifted their price target on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a "buy" rating in a research report on Monday, May 13th. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $102.00 to $98.00 and set an "equal weight" rating for the company in a research report on Thursday, April 25th. JPMorgan Chase & Co. lifted their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a "neutral" rating in a research report on Thursday, April 25th. Finally, Barclays boosted their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 2nd. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $99.33.

Check Out Our Latest Report on OTIS

Otis Worldwide Price Performance

Shares of OTIS stock traded down $1.21 on Tuesday, reaching $95.66. 1,750,857 shares of the company were exchanged, compared to its average volume of 2,032,567. The company has a market cap of $38.68 billion, a price-to-earnings ratio of 27.69 and a beta of 1.04. The company has a 50-day moving average of $96.15 and a 200-day moving average of $93.76. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.84.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, beating 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 net margin of 9.99% and a negative return on equity of 31.02%. As a group, sell-side analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 17th were paid a dividend of $0.39 per share. The ex-dividend date was Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.63%. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.34. Otis Worldwide's dividend payout ratio (DPR) is presently 45.09%.

Otis Worldwide Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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