Wedmont Private Capital Raises Holdings in Otis Worldwide Co. (NYSE:OTIS)

Wedmont Private Capital raised its position in Otis Worldwide Co. (NYSE:OTIS) by 4.9% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 6,400 shares of the company’s stock after purchasing an additional 299 shares during the period. Wedmont Private Capital’s holdings in Otis Worldwide were worth $581,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Optas LLC lifted its stake in shares of Otis Worldwide by 2.2% in the third quarter. Optas LLC now owns 5,522 shares of the company’s stock worth $574,000 after buying an additional 118 shares in the last quarter. Rehmann Capital Advisory Group raised its holdings in Otis Worldwide by 4.4% in the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock valued at $299,000 after acquiring an additional 122 shares during the last quarter. Brighton Jones LLC lifted its stake in Otis Worldwide by 5.0% in the 2nd quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock worth $248,000 after purchasing an additional 124 shares in the last quarter. Groupama Asset Managment boosted its holdings in shares of Otis Worldwide by 1.4% during the 3rd quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock worth $980,000 after purchasing an additional 132 shares during the last quarter. Finally, Selway Asset Management grew its position in shares of Otis Worldwide by 0.8% in the third quarter. Selway Asset Management now owns 20,021 shares of the company’s stock valued at $2,081,000 after purchasing an additional 150 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on OTIS. Wells Fargo & Company lowered their price objective on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. Barclays dropped their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. UBS Group assumed coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $103.50.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $91.72 on Wednesday. Otis Worldwide Co. has a fifty-two week low of $85.42 and a fifty-two week high of $106.33. The company has a 50 day moving average price of $97.23 and a 200 day moving average price of $97.34. The stock has a market capitalization of $36.64 billion, a P/E ratio of 22.87 and a beta of 1.06.

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

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s dividend payout ratio is currently 38.90%.

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.