Cresset Asset Management LLC Cuts Stake in Otis Worldwide Co. (NYSE:OTIS)

Cresset Asset Management LLC reduced its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 52.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 16,502 shares of the company's stock after selling 18,243 shares during the quarter. Cresset Asset Management LLC's holdings in Otis Worldwide were worth $1,528,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Transce3nd LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $25,000. Aster Capital Management DIFC Ltd bought a new position in Otis Worldwide in the 4th quarter valued at $28,000. Fortitude Family Office LLC grew its position in shares of Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock worth $30,000 after buying an additional 267 shares in the last quarter. Centricity Wealth Management LLC bought a new position in shares of Otis Worldwide during the 4th quarter worth $33,000. Finally, Golden State Wealth Management LLC bought a new position in shares of Otis Worldwide during the 4th quarter worth $34,000. 88.03% of the stock is currently owned by institutional investors.

Insider Activity at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the firm's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the sale, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. This trade represents a 9.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on OTIS shares. Wells Fargo & Company decreased their price target on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, April 24th. Royal Bank of Canada dropped their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Barclays lowered their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. Finally, JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $98.86.

Otis Worldwide Trading Down 0.8%

OTIS traded down $0.81 on Wednesday, hitting $96.18. 4,297,705 shares of the company were exchanged, compared to its average volume of 2,297,031. The firm has a 50-day moving average price of $98.34 and a two-hundred day moving average price of $97.66. The company has a market cap of $37.96 billion, a price-to-earnings ratio of 23.69 and a beta of 1.01. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. The firm had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The business's revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.88 EPS. Equities analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide declared that its Board of Directors has authorized a share buyback plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be paid a $0.42 dividend. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.75%. The ex-dividend date is Friday, May 16th. Otis Worldwide's dividend payout ratio (DPR) is presently 44.09%.

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.