Tufton Capital Management Has $1.74 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

Tufton Capital Management trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 8.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 19,419 shares of the company’s stock after selling 1,852 shares during the period. Tufton Capital Management’s holdings in Otis Worldwide were worth $1,737,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Meiji Yasuda Asset Management Co Ltd. raised its stake in shares of Otis Worldwide by 54.5% in the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,772 shares of the company’s stock valued at $544,000 after acquiring an additional 2,390 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of Otis Worldwide by 13,638.0% in the 4th quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock valued at $13,570,000 after acquiring an additional 150,563 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Otis Worldwide by 176.4% in the 4th quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock valued at $10,378,000 after acquiring an additional 74,030 shares in the last quarter. Smith Salley & Associates bought a new position in shares of Otis Worldwide in the 4th quarter valued at approximately $1,113,000. Finally, Assenagon Asset Management S.A. raised its stake in shares of Otis Worldwide by 29.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 135,428 shares of the company’s stock valued at $12,117,000 after acquiring an additional 30,530 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Trading Up 1.2 %

OTIS stock traded up $1.14 during trading on Thursday, hitting $96.10. The company had a trading volume of 650,389 shares, compared to its average volume of 1,977,986. The company has a fifty day moving average price of $95.93 and a two-hundred day moving average price of $88.68. The company has a market cap of $38.84 billion, a P/E ratio of 28.01 and a beta of 1.01. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.85 by $0.02. The business had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.57 billion. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. During the same quarter in the previous year, the firm earned $0.75 EPS. On average, analysts expect that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date was Thursday, February 15th. Otis Worldwide’s dividend payout ratio is currently 40.12%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Vertical Research downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Melius began coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research report on Thursday, February 22nd. Wells Fargo & Company dropped their price target on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 1st. Finally, UBS Group lifted their price target on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $94.29.

Insiders Place Their Bets

In other news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the sale, 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 SEC, which is available at this hyperlink. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction dated Wednesday, February 7th. The stock was 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 directly owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The disclosure for this sale can be found here. 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.