Retirement Systems of Alabama Sells 2,903 Shares of Otis Worldwide Co. (NYSE:OTIS)

Retirement Systems of Alabama trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 90,196 shares of the company’s stock after selling 2,903 shares during the quarter. Retirement Systems of Alabama’s holdings in Otis Worldwide were worth $8,070,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Cetera Trust Company N.A purchased a new stake in Otis Worldwide in the 4th quarter worth approximately $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Otis Worldwide during the 4th quarter valued at $28,000. Orion Capital Management LLC purchased a new position in shares of Otis Worldwide during the 3rd quarter valued at $30,000. NBC Securities Inc. bought a new position in Otis Worldwide in the 3rd quarter worth $33,000. Finally, CNB Bank increased its stake in Otis Worldwide by 81.0% in the 3rd quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after buying an additional 192 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on OTIS. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research report on Thursday, February 22nd. UBS Group upped their price target on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. Melius assumed coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. JPMorgan Chase & Co. boosted their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $96.86.

Insider Activity

In other Otis Worldwide news, 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 transaction of $3,426,360.96. Following the completion of the transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Up 0.4 %

Otis Worldwide stock opened at $92.12 on Friday. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.35. The company has a market cap of $37.25 billion, a price-to-earnings ratio of 26.62 and a beta of 1.03. The firm’s fifty day moving average is $96.47 and its 200 day moving average is $89.67.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.01. The firm had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. On average, equities research analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued a $0.39 dividend. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. Otis Worldwide’s payout ratio is 39.31%.

Otis Worldwide Company Profile

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.