Price T Rowe Associates Inc. MD Has $224.87 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Price T Rowe Associates Inc. MD trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 14.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,265,249 shares of the company’s stock after selling 385,907 shares during the period. Price T Rowe Associates Inc. MD’s holdings in Otis Worldwide were worth $224,872,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Cetera Trust Company N.A bought a new position in shares of Otis Worldwide during the 4th quarter worth about $27,000. Turtle Creek Wealth Advisors LLC bought a new position in Otis Worldwide during the fourth quarter worth about $28,000. LifeSteps Financial Inc. acquired a new stake in Otis Worldwide during the first quarter valued at approximately $31,000. Pacific Capital Wealth Advisors Inc. acquired a new position in shares of Otis Worldwide in the 4th quarter worth approximately $35,000. Finally, Accent Capital Management LLC acquired a new position in shares of Otis Worldwide in the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Activity

In related news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the sale, the executive vice president now directly owns 15,570 shares in the company, valued at $1,458,753.30. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.23% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on OTIS. Wells Fargo & Company dropped their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday. Argus boosted their price target on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. JPMorgan Chase & Co. upped their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Melius assumed coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating for the company. Finally, Barclays boosted their target price on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Six investment 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 presently has an average rating of “Hold” and a consensus target price of $98.83.

Otis Worldwide Stock Performance

OTIS traded up $0.45 during midday trading on Friday, hitting $93.48. The company had a trading volume of 2,466,089 shares, compared to its average volume of 2,440,455. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.84. The company has a market capitalization of $37.80 billion, a PE ratio of 27.02 and a beta of 1.03. The firm’s 50-day simple moving average is $97.19 and its 200-day simple moving average is $95.07.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. During the same quarter last year, the business posted $0.92 earnings per share. Otis Worldwide’s revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.67%. Otis Worldwide’s payout ratio is currently 45.09%.

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.