Charles Schwab Investment Management Inc. Purchases 41,361 Shares of Otis Worldwide Co. (NYSE:OTIS)

Charles Schwab Investment Management Inc. increased its position in Otis Worldwide Co. (NYSE:OTIS) by 1.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,173,904 shares of the company’s stock after acquiring an additional 41,361 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.53% of Otis Worldwide worth $194,499,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. increased its holdings in shares of Otis Worldwide by 47.9% in the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after purchasing an additional 2,442,203 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in shares of Otis Worldwide by 104.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company’s stock worth $124,906,000 after purchasing an additional 794,626 shares in the last quarter. Qube Research & Technologies Ltd increased its position in shares of Otis Worldwide by 119.1% in the third quarter. Qube Research & Technologies Ltd now owns 981,574 shares of the company’s stock worth $78,830,000 after purchasing an additional 533,590 shares during the last quarter. Barclays PLC raised its stake in Otis Worldwide by 82.1% in the third quarter. Barclays PLC now owns 957,288 shares of the company’s stock valued at $76,878,000 after purchasing an additional 431,542 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its position in Otis Worldwide by 64.9% during the third quarter. Adage Capital Partners GP L.L.C. now owns 774,386 shares of the company’s stock valued at $62,191,000 after purchasing an additional 304,669 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other news, insider Montlivault Stephane De sold 18,393 shares of the 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 approximately $6,128,661.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the sale, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction on 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 transaction, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on OTIS. Melius assumed coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating on the stock. Wells Fargo & Company cut their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research note on Thursday, April 25th. Royal Bank of Canada restated an “outperform” rating and issued a $100.00 price target on shares of Otis Worldwide in a research report on Monday, February 5th. Barclays upped their target price on shares of 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, 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. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $96.86.

Otis Worldwide Trading Up 1.7 %

Shares of NYSE OTIS opened at $96.16 on Friday. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.35. The stock’s fifty day simple moving average is $96.42 and its two-hundred day simple moving average is $90.14. The stock has a market capitalization of $38.88 billion, a PE ratio of 27.79 and a beta of 1.03.

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

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be given a dividend of $0.39 per share. This is a boost 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 yield of 1.62%. Otis Worldwide’s dividend payout ratio is presently 45.09%.

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.