Old North State Trust LLC Boosts Stake in Otis Worldwide Co. (NYSE:OTIS)

Posted by Defense World Staff on Sep 16th, 2023

Old North State Trust LLC lifted its stake in Otis Worldwide Co. (NYSE:OTIS – Free Report) by 77.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 928 shares of the company’s stock after purchasing an additional 404 shares during the period. Old North State Trust LLC’s holdings in Otis Worldwide were worth $43,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Nelson Van Denburg & Campbell Wealth Management Group LLC increased its stake in Otis Worldwide by 95.5% in the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 389 shares of the company’s stock worth $33,000 after buying an additional 190 shares in the last quarter. Resurgent Financial Advisors LLC purchased a new stake in Otis Worldwide in the 4th quarter worth $33,000. New Hampshire Trust purchased a new stake in Otis Worldwide in the 4th quarter worth $43,000. Disciplined Investments LLC increased its stake in Otis Worldwide by 392.2% in the 1st quarter. Disciplined Investments LLC now owns 507 shares of the company’s stock worth $43,000 after buying an additional 404 shares in the last quarter. Finally, TFC Financial Management Inc. increased its stake in Otis Worldwide by 34.4% in the 1st quarter. TFC Financial Management Inc. now owns 520 shares of the company’s stock worth $44,000 after buying an additional 133 shares in the last quarter. 85.48% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Trading Down 0.7 %

Shares of NYSE:OTIS opened at $81.12 on Friday. Otis Worldwide Co. has a 12 month low of $62.49 and a 12 month high of $91.33. The company has a 50-day moving average price of $86.34 and a 200 day moving average price of $84.86. The company has a market cap of $33.40 billion, a price-to-earnings ratio of 25.59 and a beta of 0.97.

Otis Worldwide (NYSE:OTIS – Get Free Report) last announced its quarterly earnings results on Wednesday, July 26th. The company reported $0.92 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter last year, the firm earned $0.86 EPS. The firm’s revenue for the quarter was up 6.7% compared to the same quarter last year. As a group, equities analysts forecast that Otis Worldwide Co. will post 3.47 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Friday, August 18th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date of this dividend was Thursday, August 17th. Otis Worldwide’s payout ratio is 42.90%.

Insider Activity at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 6,372 shares of the stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $90.50, for a total value of $576,666.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Fernandez Bernardo Calleja sold 3,992 shares of the 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 directly owns 42,097 shares of the company’s stock, valued at approximately $3,818,197.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michael Patrick Ryan sold 6,372 shares of the stock in a transaction dated Friday, July 28th. The stock was 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. 0.11% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on OTIS shares. Royal Bank of Canada increased their price target on Otis Worldwide from $96.00 to $100.00 in a research note on Friday, July 28th. Wells Fargo & Company increased their price objective on shares of Otis Worldwide from $88.00 to $90.00 in a report on Monday, July 10th. HSBC increased their price objective on shares of Otis Worldwide from $81.00 to $88.00 in a report on Friday, June 23rd. Barclays dropped their price objective on shares of Otis Worldwide from $80.00 to $76.00 in a report on Thursday, September 7th. Finally, TheStreet raised shares of Otis Worldwide from a “c+” rating to a “b” rating in a report on Wednesday, July 26th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus price target of $87.86.

Get Our Latest Stock Report on OTIS

Otis Worldwide Profile

(Free Report)

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.