Bahl & Gaynor Inc. Decreases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Bahl & Gaynor Inc. lowered its stake in Otis Worldwide Co. (NYSE:OTIS) by 1.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 382,036 shares of the company’s stock after selling 4,426 shares during the period. Bahl & Gaynor Inc.’s holdings in Otis Worldwide were worth $34,181,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in Otis Worldwide by 54.5% in the third 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. Stevens Capital Management LP boosted its holdings in Otis Worldwide by 142.1% in the fourth quarter. Stevens Capital Management LP now owns 7,555 shares of the company’s stock valued at $676,000 after acquiring an additional 4,435 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in Otis Worldwide by 13,638.0% in the fourth 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 boosted its holdings in Otis Worldwide by 176.4% in the fourth 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. Finally, Smith Salley & Associates bought a new stake in Otis Worldwide in the fourth quarter valued at $1,113,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $92.20 on Friday. The stock has a market cap of $37.27 billion, a price-to-earnings ratio of 26.64 and a beta of 1.01. The firm’s 50-day moving average is $96.44 and its 200 day moving average is $89.35. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.35.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. The firm had revenue of $3.44 billion for the quarter, compared to the consensus estimate 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 analysts expect that Otis Worldwide Co. will post 3.87 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 7th. Investors of record on Friday, May 17th will be issued a $0.39 dividend. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. Otis Worldwide’s dividend payout ratio (DPR) is presently 39.31%.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 18,393 shares of the firm’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 owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on OTIS. Melius assumed coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating on the stock. UBS Group boosted their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday. Vertical Research cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $96.86.

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.