Public Employees Retirement Association of Colorado Has $5.47 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Public Employees Retirement Association of Colorado lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.5% in the first quarter, Holdings Channel reports. The institutional investor owned 55,063 shares of the company’s stock after selling 4,453 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Otis Worldwide were worth $5,466,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. raised its position in shares of Otis Worldwide by 0.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 32,048 shares of the company’s stock valued at $3,181,000 after buying an additional 110 shares during the last quarter. Tritonpoint Wealth LLC increased its stake in Otis Worldwide by 4.1% in the first quarter. Tritonpoint Wealth LLC now owns 2,869 shares of the company’s stock valued at $285,000 after acquiring an additional 113 shares during the period. Bleakley Financial Group LLC increased its stake in Otis Worldwide by 1.2% in the first quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock valued at $965,000 after acquiring an additional 117 shares during the period. Private Trust Co. NA increased its stake in Otis Worldwide by 0.9% in the first quarter. Private Trust Co. NA now owns 12,931 shares of the company’s stock valued at $1,284,000 after acquiring an additional 118 shares during the period. Finally, Massmutual Trust Co. FSB ADV increased its stake in Otis Worldwide by 7.1% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,867 shares of the company’s stock valued at $185,000 after acquiring an additional 124 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were 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 directly owns 15,570 shares in the company, valued at $1,458,753.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.23% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of analyst reports. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday. Barclays upped their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. Argus upped their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Melius started coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating on the stock. Finally, JPMorgan Chase & Co. upped their price objective 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. Six 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, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $98.83.

Otis Worldwide Price Performance

Shares of OTIS stock traded down $0.27 during trading hours on Monday, reaching $93.21. 752,037 shares of the company were exchanged, compared to its average volume of 2,094,536. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.84. The stock’s fifty day moving average is $97.19 and its two-hundred day moving average is $95.13. The company has a market cap of $37.69 billion, a price-to-earnings ratio of 26.94 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same period in the prior year, the business earned $0.92 earnings per share. Otis Worldwide’s quarterly revenue was down 3.2% on a year-over-year basis. On average, research analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.67%. Otis Worldwide’s payout ratio is 45.09%.

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.