Eaton Vance Management Reduces Stock Position in Otis Worldwide Co. (NYSE:OTIS)


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Eaton Vance Management cut its stake in Otis Worldwide Co. (NYSE:OTIS) by 1.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 654,224 shares of the company’s stock after selling 6,523 shares during the period. Eaton Vance Management owned approximately 0.15% of Otis Worldwide worth $44,193,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Rockland Trust Co. increased its holdings in Otis Worldwide by 2.1% in the fourth quarter. Rockland Trust Co. now owns 176,048 shares of the company’s stock valued at $11,892,000 after buying an additional 3,594 shares in the last quarter. Cullen Frost Bankers Inc. increased its stake in shares of Otis Worldwide by 957.3% during the 4th quarter. Cullen Frost Bankers Inc. now owns 70,847 shares of the company’s stock worth $4,786,000 after purchasing an additional 64,146 shares in the last quarter. OneAscent Wealth Management LLC purchased a new position in shares of Otis Worldwide during the 4th quarter worth approximately $1,023,000. California Public Employees Retirement System increased its stake in shares of Otis Worldwide by 3.6% during the 4th quarter. California Public Employees Retirement System now owns 1,026,132 shares of the company’s stock worth $69,315,000 after purchasing an additional 35,274 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC increased its stake in shares of Otis Worldwide by 1.2% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 38,988 shares of the company’s stock worth $2,434,000 after purchasing an additional 474 shares in the last quarter. 83.76% of the stock is owned by institutional investors.

Shares of OTIS opened at $69.63 on Thursday. The company’s fifty day moving average is $66.27 and its two-hundred day moving average is $65.80. Otis Worldwide Co. has a fifty-two week low of $41.26 and a fifty-two week high of $70.67.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Sunday, January 31st. The company reported $0.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.07. The company had revenue of $3.49 billion during the quarter, compared to analyst estimates of $3.39 billion. Sell-side analysts forecast that Otis Worldwide Co. will post 2.45 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 10th. Investors of record on Friday, February 12th were issued a dividend of $0.20 per share. The ex-dividend date was Thursday, February 11th. This represents a $0.80 annualized dividend and a dividend yield of 1.15%.

A number of research analysts have recently weighed in on OTIS shares. Berenberg Bank started coverage on shares of Otis Worldwide in a research note on Monday, March 22nd. They set a “buy” rating and a $85.00 price objective for the company. Cowen raised their price objective on shares of Otis Worldwide from $75.00 to $77.00 in a research note on Wednesday, March 3rd. Barclays raised their price objective on shares of Otis Worldwide from $62.00 to $66.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Credit Suisse Group raised their price objective on shares of Otis Worldwide from $68.00 to $72.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 2nd. Finally, Zacks Investment Research cut shares of Otis Worldwide from a “hold” rating to a “sell” rating in a research note on Wednesday, February 3rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $73.75.

About Otis Worldwide

Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. The company operates through 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.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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