Tufton Capital Management Sells 1,852 Shares of Otis Worldwide Co. (NYSE:OTIS)

Tufton Capital Management lessened its position in Otis Worldwide Co. (NYSE:OTIS) by 8.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,419 shares of the company’s stock after selling 1,852 shares during the quarter. Tufton Capital Management’s holdings in Otis Worldwide were worth $1,737,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in OTIS. Norges Bank bought a new stake in Otis Worldwide during the 4th quarter valued at about $370,013,000. Alliancebernstein L.P. raised its holdings in shares of Otis Worldwide by 32.5% in the 2nd quarter. Alliancebernstein L.P. now owns 12,239,672 shares of the company’s stock valued at $1,089,453,000 after purchasing an additional 2,999,494 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Otis Worldwide by 47.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after buying an additional 2,442,203 shares during the last quarter. PineStone Asset Management Inc. grew its position in Otis Worldwide by 300.6% during the 3rd quarter. PineStone Asset Management Inc. now owns 2,844,325 shares of the company’s stock worth $228,428,000 after purchasing an additional 2,134,289 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in Otis Worldwide by 54.3% during the 1st quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock worth $324,857,000 after purchasing an additional 1,484,963 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of OTIS traded up $1.14 during mid-day trading on Thursday, hitting $96.10. 650,389 shares of the company’s stock were exchanged, compared to its average volume of 1,977,986. The company has a market cap of $38.84 billion, a price-to-earnings ratio of 28.01 and a beta of 1.01. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35. The stock’s 50-day moving average is $95.93 and its 200-day moving average is $88.68.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.02. The business had revenue of $3.62 billion for the quarter, compared to analysts’ expectations of $3.57 billion. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. During the same quarter in the prior year, the company earned $0.75 earnings per share. As a group, equities research analysts anticipate that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were issued a $0.34 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.36 annualized dividend and a yield of 1.42%. Otis Worldwide’s dividend payout ratio (DPR) is 40.12%.

Insider Activity at Otis Worldwide

In related news, CEO Judith Fran Marks sold 37,312 shares of the firm’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 sale, 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 filing with the SEC, which can be accessed through this hyperlink. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the firm’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 transaction of $3,426,360.96. Following the sale, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of the firm’s 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 sale, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is owned by corporate insiders.

Analyst Ratings Changes

OTIS has been the subject of a number of research analyst reports. UBS Group upped their price objective on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Vertical Research lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Melius started coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. Finally, Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a research note on Thursday, February 22nd. Seven equities 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 currently has a consensus rating of “Hold” and an average price target of $94.29.

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.