D.A. Davidson & CO. Has $939,000 Position in Otis Worldwide Co. (NYSE:OTIS)

Posted by on Apr 29th, 2023

D.A. Davidson & CO. lessened its stake in shares of Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 5.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 11,977 shares of the company’s stock after selling 659 shares during the period. D.A. Davidson & CO.’s holdings in Otis Worldwide were worth $939,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of OTIS. Pinnacle Financial Partners Inc. increased its stake in Otis Worldwide by 256.4% during the 3rd quarter. Pinnacle Financial Partners Inc. now owns 417 shares of the company’s stock valued at $27,000 after purchasing an additional 300 shares in the last quarter. American National Bank increased its stake in Otis Worldwide by 1,022.6% during the 4th quarter. American National Bank now owns 348 shares of the company’s stock valued at $27,000 after purchasing an additional 317 shares in the last quarter. Northwest Investment Counselors LLC bought a new stake in Otis Worldwide during the 4th quarter valued at $31,000. Old North State Trust LLC bought a new stake in Otis Worldwide during the 3rd quarter valued at $33,000. Finally, Creative Capital Management Investments LLC bought a new stake in Otis Worldwide during the 4th quarter valued at $33,000. Institutional investors and hedge funds own 83.95% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 16,005 shares of the company’s stock in a transaction dated Friday, February 3rd. The shares were sold at an average price of $84.26, for a total transaction of $1,348,581.30. Following the sale, the insider now directly owns 21,161 shares of the company’s stock, valued at $1,783,025.86. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Otis Worldwide news, insider Montlivault Stephane De sold 16,005 shares of the company’s stock in a transaction dated Friday, February 3rd. The shares were sold at an average price of $84.26, for a total transaction of $1,348,581.30. Following the sale, the insider now directly owns 21,161 shares of the company’s stock, valued at $1,783,025.86. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Nora E. Lafreniere sold 11,514 shares of the stock in a transaction dated Friday, February 3rd. The stock was sold at an average price of $83.83, for a total transaction of $965,218.62. Following the completion of the sale, the executive vice president now directly owns 6,376 shares in the company, valued at $534,500.08. The disclosure for this sale can be found here. Insiders have sold a total of 32,777 shares of company stock valued at $2,759,404 over the last three months. 0.11% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $82.00 to $75.00 and set an “underweight” rating for the company in a research note on Thursday, April 13th. Cowen upped their target price on shares of Otis Worldwide from $90.00 to $95.00 and gave the stock an “outperform” rating in a research note on Thursday, February 2nd. Barclays reduced their target price on shares of Otis Worldwide from $81.00 to $79.00 and set an “equal weight” rating for the company in a research note on Thursday, April 6th. HSBC upped their target price on shares of Otis Worldwide from $72.00 to $81.00 and gave the stock a “hold” rating in a research note on Wednesday, April 19th. Finally, Morgan Stanley upped their target price on shares of Otis Worldwide from $89.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $79.80.

Otis Worldwide Stock Performance

OTIS opened at $85.30 on Friday. The firm has a market cap of $35.25 billion, a P/E ratio of 28.15 and a beta of 0.92. The firm has a 50-day moving average of $82.60 and a 200 day moving average of $79.32. Otis Worldwide Co. has a fifty-two week low of $62.49 and a fifty-two week high of $87.33.

Otis Worldwide (NYSE:OTIS – Get Rating) last posted its quarterly earnings results on Wednesday, April 26th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.06. The company had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.26 billion. Otis Worldwide had a net margin of 9.35% and a negative return on equity of 28.04%. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.77 earnings per share. Equities research analysts predict that Otis Worldwide Co. will post 3.43 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 9th. Shareholders of record on Friday, May 19th will be issued a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, May 18th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.29. This represents a $1.36 annualized dividend and a yield of 1.59%. Otis Worldwide’s dividend payout ratio is 38.28%.

Otis Worldwide Company Profile

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Otis Worldwide Corporation manufactures, installs, and services 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.

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

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