Colonial River Wealth Management LLC Acquires New Holdings in Otis Worldwide Co. (NYSE:OTIS)

Colonial River Wealth Management LLC purchased a new position in shares of Otis Worldwide Co. (NYSE:OTISFree Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,831 shares of the company’s stock, valued at approximately $253,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Orion Capital Management LLC acquired a new stake in shares of Otis Worldwide in the third quarter valued at approximately $30,000. Janiczek Wealth Management LLC boosted its holdings in shares of Otis Worldwide by 141.1% in the third quarter. Janiczek Wealth Management LLC now owns 381 shares of the company’s stock valued at $31,000 after acquiring an additional 223 shares during the period. Union Savings Bank acquired a new stake in shares of Otis Worldwide in the second quarter valued at approximately $37,000. NBC Securities Inc. acquired a new stake in shares of Otis Worldwide during the third quarter worth $33,000. Finally, Resurgent Financial Advisors LLC acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $33,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on OTIS shares. Wells Fargo & Company decreased their price target on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, February 1st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a report on Monday, February 5th. Vertical Research cut Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research report on Thursday, February 22nd. Finally, Melius began coverage on Otis Worldwide in a research report on Tuesday. They issued a “hold” rating for the company. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $94.29.

Get Our Latest Stock Analysis on OTIS

Insiders Place Their Bets

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The disclosure for this sale can be found here. 0.15% of the stock is owned by corporate insiders.

Otis Worldwide Stock Down 0.8 %

Shares of OTIS stock opened at $97.75 on Wednesday. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35. The stock has a market cap of $39.63 billion, a P/E ratio of 28.83 and a beta of 1.01. The business has a fifty day simple moving average of $94.33 and a 200-day simple moving average of $87.47.

Otis Worldwide (NYSE:OTISGet Free Report) last posted its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. The business had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.57 billion. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. During the same quarter last year, the company earned $0.75 earnings per share. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide’s payout ratio is 40.12%.

Otis Worldwide Profile

(Free Report)

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.

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

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