Courier Capital LLC lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS – Free Report) by 10.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,783 shares of the company’s stock after selling 587 shares during the quarter. Courier Capital LLC’s holdings in Otis Worldwide were worth $404,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in the business. Victory Capital Management Inc. grew its holdings in Otis Worldwide by 5.4% in the fourth quarter. Victory Capital Management Inc. now owns 368,725 shares of the company’s stock valued at $30,320,000 after purchasing an additional 18,825 shares during the period. Vestmark Advisory Solutions Inc. raised its position in shares of Otis Worldwide by 2.7% in the 1st quarter. Vestmark Advisory Solutions Inc. now owns 6,389 shares of the company’s stock worth $539,000 after buying an additional 170 shares during the period. Bailard Inc. acquired a new position in Otis Worldwide in the first quarter valued at $211,000. Mitsubishi UFJ Trust & Banking Corp grew its position in Otis Worldwide by 3.6% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 309,443 shares of the company’s stock valued at $26,117,000 after acquiring an additional 10,845 shares during the period. Finally, Patton Fund Management Inc. acquired a new stake in Otis Worldwide during the fourth quarter worth about $200,000. Institutional investors and hedge funds own 85.48% of the company’s stock.
Analyst Upgrades and Downgrades
Several research analysts recently commented on the stock. Royal Bank of Canada raised their price target on shares of Otis Worldwide from $96.00 to $100.00 in a report on Friday, July 28th. Barclays lowered their price target on Otis Worldwide from $80.00 to $76.00 in a report on Thursday, September 7th. TheStreet upgraded Otis Worldwide from a “c+” rating to a “b” rating in a research note on Wednesday, July 26th. Wells Fargo & Company increased their target price on Otis Worldwide from $88.00 to $90.00 in a research note on Monday, July 10th. Finally, HSBC boosted their price target on Otis Worldwide from $81.00 to $88.00 in a research report on Friday, June 23rd. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average price target of $87.86.
Insider Activity
In other news, insider Fernandez Bernardo Calleja sold 3,992 shares of the company’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $90.70, for a total value of $362,074.40. Following the sale, the insider now owns 42,097 shares in the company, valued at approximately $3,818,197.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Fernandez Bernardo Calleja sold 3,992 shares of the company’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $90.70, for a total value of $362,074.40. Following the sale, the insider now owns 42,097 shares in the company, valued at approximately $3,818,197.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Michael Patrick Ryan sold 6,372 shares of the company’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $90.50, for a total transaction of $576,666.00. The disclosure for this sale can be found here. Company insiders own 0.11% of the company’s stock.
Otis Worldwide Price Performance
Shares of OTIS stock opened at $81.29 on Thursday. Otis Worldwide Co. has a 12 month low of $62.49 and a 12 month high of $91.33. The firm has a market capitalization of $33.47 billion, a P/E ratio of 26.05 and a beta of 0.97. The company’s fifty day moving average price is $86.68 and its two-hundred day moving average price is $84.93.
Otis Worldwide (NYSE:OTIS – Get Free Report) last issued its quarterly earnings data on Wednesday, July 26th. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.06. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 28.62%. The firm had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the previous year, the business posted $0.86 EPS. The firm’s revenue was up 6.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 3.47 EPS for the current year.
Otis Worldwide Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, September 8th. Stockholders of record on Friday, August 18th were paid a $0.34 dividend. The ex-dividend date was Thursday, August 17th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.67%. Otis Worldwide’s dividend payout ratio (DPR) is presently 42.90%.
Otis Worldwide Company Profile
Otis Worldwide Corporation engages in the 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.
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