Lincoln Capital LLC Sells 211 Shares of Otis Worldwide Co. (NYSE:OTIS)

Lincoln Capital LLC lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.3% in the first quarter, HoldingsChannel.com reports. The firm owned 77,515 shares of the company’s stock after selling 211 shares during the period. Otis Worldwide comprises 1.7% of Lincoln Capital LLC’s holdings, making the stock its 15th largest position. Lincoln Capital LLC’s holdings in Otis Worldwide were worth $7,695,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Otis Worldwide by 14.8% during the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after purchasing an additional 5,913,933 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in 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 last quarter. Norges Bank purchased a new stake in Otis Worldwide during the fourth quarter valued at about $628,855,000. PineStone Asset Management Inc. lifted its holdings in Otis Worldwide by 17.4% during the fourth quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company’s stock valued at $298,721,000 after purchasing an additional 494,460 shares during the last quarter. Finally, Sarasin & Partners LLP lifted its holdings in Otis Worldwide by 11.2% during the first quarter. Sarasin & Partners LLP now owns 3,251,612 shares of the company’s stock valued at $322,788,000 after purchasing an additional 328,539 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.5 %

Shares of OTIS stock traded up $0.50 during trading on Friday, hitting $96.50. The company had a trading volume of 548,776 shares, compared to its average volume of 2,017,223. The stock’s 50-day moving average is $96.17 and its two-hundred day moving average is $93.85. The stock has a market capitalization of $39.02 billion, a price-to-earnings ratio of 27.75 and a beta of 1.04. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.84.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The business had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. On average, research analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 17th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend was Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio is 45.09%.

Analyst Upgrades and Downgrades

OTIS has been the topic of several recent research reports. Wells Fargo & Company dropped their price objective 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, April 25th. Melius assumed coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Argus upped their price target on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Barclays upped their price target on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. upped their price target on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $99.33.

Insider Activity

In other news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the sale, the executive vice president now owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.23% of the company’s stock.

Otis Worldwide 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.