Cacti Asset Management LLC Has $534,000 Position in Otis Worldwide Co. (NYSE:OTIS)

Cacti Asset Management LLC decreased its stake in Otis Worldwide Co. (NYSE:OTIS) by 85.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,765 shares of the company’s stock after selling 32,639 shares during the period. Cacti Asset Management LLC’s holdings in Otis Worldwide were worth $534,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in OTIS. Riverview Trust Co acquired a new stake in Otis Worldwide during the third quarter worth approximately $25,000. Meeder Asset Management Inc. lifted its position in shares of Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after acquiring an additional 196 shares during the period. Northwest Investment Counselors LLC bought a new position in Otis Worldwide during the third quarter worth $28,000. Ashton Thomas Securities LLC acquired a new stake in Otis Worldwide in the third quarter worth $29,000. Finally, Cranbrook Wealth Management LLC increased its stake in Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Up 0.4 %

Shares of OTIS stock traded up $0.37 on Thursday, reaching $92.98. The company’s stock had a trading volume of 324,999 shares, compared to its average volume of 2,064,025. The stock’s 50 day simple moving average is $98.75 and its 200-day simple moving average is $97.62. Otis Worldwide Co. has a 12-month low of $85.42 and a 12-month high of $106.33. The company has a market capitalization of $37.14 billion, a P/E ratio of 23.19 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The business had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.95 earnings per share. Research analysts expect that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on OTIS. Barclays lowered Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 target price for the company. in a research report on Thursday, December 5th. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. Finally, Morgan Stanley assumed coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $104.50.

Insiders Place Their Bets

In other news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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.