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

Cacti Asset Management LLC lessened its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 85.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,765 shares of the company's stock after selling 32,639 shares during the quarter. Cacti Asset Management LLC's holdings in Otis Worldwide were worth $534,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Riverview Trust Co acquired a new position in Otis Worldwide during the 3rd quarter worth about $25,000. Meeder Asset Management Inc. lifted its stake in shares of Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company's stock worth $26,000 after acquiring an additional 196 shares during the period. Northwest Investment Counselors LLC acquired a new position in shares of Otis Worldwide in the third quarter worth approximately $28,000. Ashton Thomas Securities LLC bought a new stake in Otis Worldwide in the third quarter valued at approximately $29,000. Finally, Cranbrook Wealth Management LLC increased its position in Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock valued at $28,000 after purchasing an additional 250 shares during the period. Institutional investors own 88.03% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on OTIS shares. Morgan Stanley began coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an "equal weight" rating and a $97.00 price objective on the stock. Wells Fargo & Company cut their price target on shares of 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. 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. Royal Bank of Canada restated an "outperform" rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, UBS Group initiated coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $104.50.

Otis Worldwide Stock Down 0.4 %

OTIS stock traded down $0.37 during midday trading on Thursday, reaching $92.24. 1,278,422 shares of the company's stock traded hands, compared to its average volume of 2,064,025. The firm's fifty day moving average price is $98.75 and its 200-day moving average price is $97.62. Otis Worldwide Co. has a 52 week low of $85.42 and a 52 week high of $106.33. The company has a market cap of $36.85 billion, a price-to-earnings ratio of 23.00 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the prior year, the business earned $0.95 earnings per share. The firm's quarterly revenue was up .7% compared to the same quarter last year. Analysts forecast that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide's dividend payout ratio (DPR) is presently 38.90%.

Insider Buying and Selling at Otis Worldwide

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

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.