Monterey Private Wealth Inc. lessened its stake in Otis Worldwide Co. (NYSE:OTIS) by 4.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,312 shares of the company’s stock after selling 186 shares during the period. Monterey Private Wealth Inc.’s holdings in Otis Worldwide were worth $329,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the stock. Norges Bank acquired a new position in Otis Worldwide during the 4th quarter worth approximately $392,029,000. Viking Global Investors LP boosted its stake in shares of Otis Worldwide by 80.1% during the 4th quarter. Viking Global Investors LP now owns 5,397,663 shares of the company’s stock worth $364,612,000 after acquiring an additional 2,400,001 shares in the last quarter. Morgan Stanley boosted its stake in shares of Otis Worldwide by 116.9% during the 4th quarter. Morgan Stanley now owns 3,660,714 shares of the company’s stock worth $247,282,000 after acquiring an additional 1,972,801 shares in the last quarter. Lazard Freres Gestion S.A.S. purchased a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $78,320,000. Finally, Laurion Capital Management LP boosted its stake in shares of Otis Worldwide by 607.0% during the 4th quarter. Laurion Capital Management LP now owns 974,022 shares of the company’s stock worth $65,796,000 after acquiring an additional 836,254 shares in the last quarter. Hedge funds and other institutional investors own 83.76% of the company’s stock.
NYSE OTIS traded up $1.05 during trading hours on Tuesday, hitting $79.45. The company had a trading volume of 44,322 shares, compared to its average volume of 2,767,218. Otis Worldwide Co. has a fifty-two week low of $47.20 and a fifty-two week high of $79.50. The firm’s 50 day moving average is $70.53 and its 200 day moving average is $66.61.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 10th. Stockholders of record on Friday, May 21st will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, May 20th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.20. This represents a $0.96 annualized dividend and a dividend yield of 1.21%.
In other news, insider Peiming Zheng sold 15,234 shares of the stock in a transaction dated Wednesday, April 28th. The shares were sold at an average price of $78.67, for a total transaction of $1,198,458.78. Following the transaction, the insider now owns 19,022 shares of the company’s stock, valued at $1,496,460.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
A number of equities research analysts recently issued reports on the company. Cowen upped their target price on Otis Worldwide from $75.00 to $77.00 in a research note on Wednesday, March 3rd. Barclays upped their target price on Otis Worldwide from $66.00 to $76.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 27th. Berenberg Bank assumed coverage on Otis Worldwide in a research note on Monday, March 22nd. They issued a “buy” rating and a $85.00 target price on the stock. Credit Suisse Group upped their target price on Otis Worldwide from $72.00 to $77.00 and gave the company a “neutral” rating in a research note on Monday. Finally, Zacks Investment Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Wednesday, April 28th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Otis Worldwide presently has an average rating of “Buy” and an average price target of $76.25.
Otis Worldwide Company Profile
Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. The company operates through 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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