TIAA Trust National Association Sells 3,304 Shares of Otis Worldwide Co. (NYSE:OTIS)

TIAA Trust National Association reduced its position in shares of Otis Worldwide Co. (NYSE:OTISFree Report) by 14.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 19,056 shares of the company’s stock after selling 3,304 shares during the period. TIAA Trust National Association’s holdings in Otis Worldwide were worth $1,705,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. American Century Companies Inc. raised its stake in shares of Otis Worldwide by 8.6% in the first quarter. American Century Companies Inc. now owns 7,817 shares of the company’s stock worth $601,000 after acquiring an additional 620 shares during the last quarter. Cibc World Market Inc. raised its stake in shares of Otis Worldwide by 3.0% in the first quarter. Cibc World Market Inc. now owns 11,669 shares of the company’s stock worth $898,000 after acquiring an additional 338 shares during the last quarter. Moors & Cabot Inc. raised its stake in shares of Otis Worldwide by 7.7% in the first quarter. Moors & Cabot Inc. now owns 6,574 shares of the company’s stock worth $506,000 after acquiring an additional 469 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Otis Worldwide by 25.3% in the first quarter. Sequoia Financial Advisors LLC now owns 3,536 shares of the company’s stock worth $272,000 after acquiring an additional 715 shares during the last quarter. Finally, Brighton Jones LLC raised its stake in shares of Otis Worldwide by 5.0% in the first quarter. Brighton Jones LLC now owns 3,876 shares of the company’s stock worth $298,000 after acquiring an additional 183 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $98.25 on Thursday. The stock has a market cap of $39.84 billion, a P/E ratio of 28.98 and a beta of 1.01. The firm has a 50 day moving average price of $94.53 and a 200 day moving average price of $87.54. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.35.

Otis Worldwide (NYSE:OTISGet Free Report) last issued its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 earnings per share (EPS) for the quarter, beating 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 quarter in the previous year, the company earned $0.75 earnings per share. Analysts predict that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business 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. This represents a $1.36 annualized dividend and a dividend yield of 1.38%. The ex-dividend date was Thursday, February 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 40.12%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on OTIS shares. Vertical Research cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research report on Thursday, February 22nd. Barclays lifted their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a research report on Monday, February 5th. Finally, Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, February 1st. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $94.29.

Get Our Latest Stock Report on Otis Worldwide

Insider Activity

In other news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the transaction, the insider now owns 67,274 shares in the company, valued at $6,128,661.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the transaction, the insider now owns 67,274 shares in the company, valued at $6,128,661.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. Corporate insiders own 0.11% of the company’s stock.

About Otis Worldwide

(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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