Wesleyan Assurance Society Cuts Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Wesleyan Assurance Society trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 46,100 shares of the company’s stock after selling 2,000 shares during the quarter. Wesleyan Assurance Society’s holdings in Otis Worldwide were worth $4,269,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of OTIS. iSAM Funds UK Ltd boosted its holdings in shares of Otis Worldwide by 112.9% in the 4th quarter. iSAM Funds UK Ltd now owns 10,309 shares of the company’s stock worth $955,000 after buying an additional 5,466 shares during the last quarter. Vident Advisory LLC boosted its holdings in shares of Otis Worldwide by 14.4% in the 4th quarter. Vident Advisory LLC now owns 8,096 shares of the company’s stock worth $750,000 after buying an additional 1,022 shares during the last quarter. Sone Capital Management LLC purchased a new position in shares of Otis Worldwide in the 4th quarter worth about $4,620,000. Spurstone Advisory Services LLC purchased a new position in shares of Otis Worldwide in the 4th quarter worth about $93,000. Finally, Twinbeech Capital LP purchased a new position in shares of Otis Worldwide in the 4th quarter worth about $39,288,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Down 0.4%

NYSE OTIS opened at $98.46 on Tuesday. The company has a market cap of $38.86 billion, a PE ratio of 24.25 and a beta of 1.01. Otis Worldwide Co. has a 52 week low of $89.70 and a 52 week high of $106.83. The firm’s 50-day simple moving average is $97.98 and its two-hundred day simple moving average is $97.59.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $3.35 billion for the quarter, compared to analysts’ expectations of $3.41 billion. During the same period in the prior year, the business posted $0.88 earnings per share. The company’s revenue was down 2.5% on a year-over-year basis. As a group, equities research analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be given a dividend of $0.42 per share. The ex-dividend date is Friday, May 16th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a dividend yield of 1.71%. Otis Worldwide’s dividend payout ratio is currently 44.09%.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of research analyst reports. Barclays cut their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Friday, April 25th. Royal Bank of Canada dropped their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a report on Friday. Two investment 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. According to MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average target price of $100.71.

Insider Activity

In other news, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following 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 sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.23% of the company’s stock.

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.