Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Lazard Asset Management LLC

Lazard Asset Management LLC cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 18.9% in the 4th quarter, Holdings Channel reports. The fund owned 12,434 shares of the company’s stock after selling 2,904 shares during the period. Lazard Asset Management LLC’s holdings in Otis Worldwide were worth $1,150,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. PineStone Asset Management Inc. grew its stake in shares of Otis Worldwide by 4.2% during the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock valued at $278,054,000 after acquiring an additional 121,322 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares in the last quarter. SVB Wealth LLC acquired a new position in Otis Worldwide in the fourth quarter worth about $337,000. Clarkston Capital Partners LLC acquired a new position in Otis Worldwide in the fourth quarter worth about $8,743,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Otis Worldwide by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company’s stock worth $213,418,000 after purchasing an additional 67,937 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of research reports. Barclays decreased their price target on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research note on Friday, April 25th. Wells Fargo & Company lowered their target price on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, April 24th. JPMorgan Chase & Co. upped their target price on Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a report on Friday. Finally, Royal Bank of Canada lowered their target price on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $100.71.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $98.46 on Tuesday. Otis Worldwide Co. has a 12-month low of $89.70 and a 12-month high of $106.83. The firm has a market capitalization of $38.86 billion, a price-to-earnings ratio of 24.25 and a beta of 1.01. The business has a 50 day simple moving average of $97.98 and a 200 day simple moving average of $97.59.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The business had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same period in the prior year, the company posted $0.88 EPS. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. On average, equities analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.71%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide’s dividend payout ratio is 44.09%.

Insider Buying and Selling

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. This represents a 9.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate 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.