Cypress Capital Management LLC WY Sells 705 Shares of Otis Worldwide Co. (NYSE:OTIS)

Cypress Capital Management LLC WY cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 54.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 600 shares of the company’s stock after selling 705 shares during the quarter. Cypress Capital Management LLC WY’s holdings in Otis Worldwide were worth $54,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Meiji Yasuda Asset Management Co Ltd. increased its holdings in shares of 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 worth $544,000 after purchasing an additional 2,390 shares during the last quarter. Stevens Capital Management LP increased its holdings in shares of Otis Worldwide by 142.1% in the fourth quarter. Stevens Capital Management LP now owns 7,555 shares of the company’s stock worth $676,000 after purchasing an additional 4,435 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of 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 worth $13,570,000 after purchasing an additional 150,563 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Otis Worldwide by 176.4% in the fourth quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock worth $10,378,000 after purchasing an additional 74,030 shares during the last quarter. Finally, Smith Salley & Associates bought a new stake in shares of Otis Worldwide in the fourth quarter worth about $1,113,000. 88.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Vertical Research cut Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Wells Fargo & Company dropped their price target on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research report on Thursday, February 22nd. 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. Finally, Melius initiated coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating for the company. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $96.86.

Otis Worldwide Trading Up 1.1 %

Shares of NYSE OTIS traded up $1.00 during trading hours on Monday, reaching $93.20. The stock had a trading volume of 1,243,975 shares, compared to its average volume of 2,025,655. The firm has a market cap of $37.68 billion, a price-to-earnings ratio of 26.65 and a beta of 1.01. The business’s fifty day moving average price is $96.44 and its two-hundred day moving average price is $89.48. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week 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 during the quarter, compared to analyst estimates of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. Equities research analysts anticipate that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently declared 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 a positive change 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 1.67%. Otis Worldwide’s payout ratio is presently 39.31%.

Insider Activity at Otis Worldwide

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

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.