Cacti Asset Management LLC Reduces Position in Otis Worldwide Co. (NYSE:OTIS)

Cacti Asset Management LLC decreased its holdings in Otis Worldwide Co. (NYSE:OTIS) by 85.0% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 5,765 shares of the company’s stock after selling 32,639 shares during the period. Cacti Asset Management LLC’s holdings in Otis Worldwide were worth $534,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of OTIS. Appian Way Asset Management LP purchased a new stake in Otis Worldwide during the second quarter valued at $991,000. M&T Bank Corp boosted its holdings in shares of Otis Worldwide by 11.2% in the third quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock worth $19,123,000 after buying an additional 18,536 shares during the last quarter. Daiwa Securities Group Inc. grew its position in Otis Worldwide by 11.1% during the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after buying an additional 4,918 shares during the period. Blair William & Co. IL increased its holdings in Otis Worldwide by 64.7% during the second quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock valued at $2,363,000 after buying an additional 9,643 shares during the last quarter. Finally, Public Sector Pension Investment Board boosted its stake in shares of Otis Worldwide by 3.2% during the 2nd quarter. Public Sector Pension Investment Board now owns 198,871 shares of the company’s stock worth $19,143,000 after acquiring an additional 6,259 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

OTIS has been the topic of a number of analyst reports. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research report on Thursday, December 12th. Morgan Stanley began coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Barclays lowered Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price objective for the company. in a research report on Thursday, December 5th. Finally, Wells Fargo & Company decreased their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and a consensus target price of $104.50.

Otis Worldwide Stock Performance

Otis Worldwide stock traded up $0.37 during mid-day trading on Thursday, hitting $92.98. The company’s stock had a trading volume of 324,999 shares, compared to its average volume of 2,064,025. Otis Worldwide Co. has a one year low of $85.42 and a one year high of $106.33. The stock has a market cap of $37.14 billion, a PE ratio of 23.19 and a beta of 1.04. The company has a 50 day moving average of $98.75 and a 200-day moving average of $97.62.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. Otis Worldwide’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the previous year, the company posted $0.95 EPS. On average, equities research analysts forecast that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.68%. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Otis Worldwide 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.