Flputnam Investment Management Co. Trims Stake in Otis Worldwide Co. (NYSE:OTIS)

Flputnam Investment Management Co. lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,947 shares of the company’s stock after selling 118 shares during the quarter. Flputnam Investment Management Co.’s holdings in Otis Worldwide were worth $353,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of OTIS. JB Capital LLC raised its stake in Otis Worldwide by 0.5% during the 4th quarter. JB Capital LLC now owns 26,572 shares of the company’s stock worth $2,377,000 after acquiring an additional 129 shares during the period. Baystate Wealth Management LLC lifted its stake in shares of Otis Worldwide by 16.7% during the 4th quarter. Baystate Wealth Management LLC now owns 964 shares of the company’s stock valued at $86,000 after buying an additional 138 shares in the last quarter. Sigma Planning Corp boosted its holdings in Otis Worldwide by 3.5% in the 3rd quarter. Sigma Planning Corp now owns 4,189 shares of the company’s stock worth $336,000 after buying an additional 141 shares during the period. Belpointe Asset Management LLC increased its stake in Otis Worldwide by 5.2% in the 1st quarter. Belpointe Asset Management LLC now owns 2,857 shares of the company’s stock worth $241,000 after buying an additional 142 shares in the last quarter. Finally, Avior Wealth Management LLC raised its holdings in Otis Worldwide by 42.3% during the third quarter. Avior Wealth Management LLC now owns 481 shares of the company’s stock valued at $39,000 after acquiring an additional 143 shares during the period. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.6 %

Shares of OTIS opened at $95.49 on Friday. The business has a fifty day moving average of $96.03 and a 200 day moving average of $88.73. The company has a market cap of $38.60 billion, a PE ratio of 28.17 and a beta of 1.01. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.35.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. The firm had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.57 billion. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. During the same period in the previous year, the company earned $0.75 EPS. As a group, research analysts anticipate that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were issued a $0.34 dividend. The ex-dividend date was Thursday, February 15th. This represents a $1.36 annualized dividend and a dividend yield of 1.42%. Otis Worldwide’s payout ratio is 40.12%.

Analysts Set New Price Targets

OTIS has been the subject of a number of recent analyst reports. Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research note on Thursday, February 22nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $100.00 price target on shares of Otis Worldwide in a report on Monday, February 5th. UBS Group increased their price target 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 upped their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Finally, Wells Fargo & Company cut their target price on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, February 1st. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $94.29.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction that occurred on 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 transaction, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

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.