Trust Co. of Toledo NA OH Decreases Position in Otis Worldwide Co. (NYSE:OTIS)

Trust Co. of Toledo NA OH trimmed its holdings in Otis Worldwide Co. (NYSE:OTIS) by 2.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,798 shares of the company’s stock after selling 216 shares during the quarter. Trust Co. of Toledo NA OH’s holdings in Otis Worldwide were worth $973,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of OTIS. Prudential PLC raised its holdings in shares of Otis Worldwide by 12.9% in the third quarter. Prudential PLC now owns 17,168 shares of the company’s stock worth $1,379,000 after buying an additional 1,959 shares during the period. Rafferty Asset Management LLC grew its stake in Otis Worldwide by 9.5% in the third quarter. Rafferty Asset Management LLC now owns 32,744 shares of the company’s stock worth $2,630,000 after purchasing an additional 2,848 shares in the last quarter. QRG Capital Management Inc. bought a new position in Otis Worldwide in the third quarter worth approximately $2,585,000. Envestnet Portfolio Solutions Inc. bought a new position in Otis Worldwide in the third quarter worth approximately $1,384,000. Finally, Envestnet Asset Management Inc. grew its stake in Otis Worldwide by 28.9% in the third quarter. Envestnet Asset Management Inc. now owns 483,820 shares of the company’s stock worth $38,856,000 after purchasing an additional 108,578 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $96.50 on Thursday. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.84. The stock’s fifty day moving average price is $96.19 and its 200 day moving average price is $93.48. The company has a market cap of $39.02 billion, a price-to-earnings ratio of 27.89 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share 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 firm had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.44 billion. As a group, equities research analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

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

Analyst Ratings Changes

Several research analysts recently issued reports on OTIS shares. Melius started coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating on the stock. Argus increased their price objective on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Barclays increased their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. Wells Fargo & Company dropped their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 25th. Finally, JPMorgan Chase & Co. lifted their price target on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $97.71.

Insider Buying and Selling

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now owns 15,570 shares in the company, valued at approximately $1,458,753.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.23% of the stock is owned by company insiders.

Otis Worldwide Company 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.