Spinnaker Trust Sells 365 Shares of Otis Worldwide Co. (NYSE:OTIS)

Spinnaker Trust reduced its holdings in Otis Worldwide Co. (NYSE:OTIS) by 10.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,010 shares of the company’s stock after selling 365 shares during the period. Spinnaker Trust’s holdings in Otis Worldwide were worth $269,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its position in shares of Otis Worldwide by 47.9% during the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after purchasing an additional 2,442,203 shares during the period. Northern Trust Corp increased its position in shares of Otis Worldwide by 3.0% during the third quarter. Northern Trust Corp now owns 4,661,849 shares of the company’s stock valued at $374,393,000 after purchasing an additional 135,048 shares during the period. Grantham Mayo Van Otterloo & Co. LLC increased its position in shares of Otis Worldwide by 1.7% during the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,448,272 shares of the company’s stock valued at $276,931,000 after purchasing an additional 59,211 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in shares of Otis Worldwide by 3.8% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,309,855 shares of the company’s stock valued at $265,814,000 after purchasing an additional 120,853 shares during the period. Finally, OMERS ADMINISTRATION Corp increased its position in shares of Otis Worldwide by 6.8% during the third quarter. OMERS ADMINISTRATION Corp now owns 2,324,016 shares of the company’s stock valued at $186,642,000 after purchasing an additional 146,968 shares during the period. 88.03% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction that occurred 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 transaction, the insider now directly 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 accessible through the SEC website. In related news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction that occurred 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 transaction, the insider now directly 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 accessible through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

OTIS has been the topic of several recent analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $100.00 price target on shares of Otis Worldwide in a research note on Monday, February 5th. Barclays boosted their price target on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Melius initiated coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating on the stock. JPMorgan Chase & Co. boosted their price target on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday. Finally, UBS Group boosted their price target on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $96.86.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded down $0.82 during trading hours on Friday, hitting $92.20. The company’s stock had a trading volume of 2,314,121 shares, compared to its average volume of 1,745,609. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.35. The stock has a 50 day moving average of $96.44 and a 200 day moving average of $89.35. The company has a market capitalization of $37.27 billion, a PE ratio of 26.64 and a beta of 1.01.

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, topping the consensus estimate of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Equities analysts expect that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Increases Dividend

The company 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 dividend of $0.39 per share. The ex-dividend date is Thursday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. 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%.

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.