Schnieders Capital Management LLC Reduces Position in Otis Worldwide Co. (NYSE:OTIS)

Schnieders Capital Management LLC lessened its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 25.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,144 shares of the company’s stock after selling 1,378 shares during the quarter. Schnieders Capital Management LLC’s holdings in Otis Worldwide were worth $371,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Cetera Trust Company N.A bought a new position in shares of Otis Worldwide during the fourth quarter valued at approximately $27,000. Turtle Creek Wealth Advisors LLC bought a new position in Otis Worldwide in the fourth quarter worth $28,000. Orion Capital Management LLC bought a new position in Otis Worldwide in the third quarter worth $30,000. NBC Securities Inc. bought a new position in Otis Worldwide in the third quarter worth $33,000. Finally, CNB Bank raised its holdings in Otis Worldwide by 81.0% in the third quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after purchasing an additional 192 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on OTIS shares. Wells Fargo & Company decreased their price objective 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. Vertical Research downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Melius started coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating for the company. Barclays raised their price target on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Finally, UBS Group raised their price target on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $95.00.

Insiders Place Their Bets

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 transaction 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 legal 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 transaction 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 legal filing with the SEC, which can be accessed through this link. 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 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. Insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded down $4.10 during trading on Wednesday, hitting $93.37. 4,222,486 shares of the company’s stock traded hands, compared to its average volume of 2,015,561. The stock has a market capitalization of $37.74 billion, a P/E ratio of 28.75 and a beta of 1.01. The business has a 50-day simple moving average of $96.36 and a 200-day simple moving average of $89.21. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.35.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.02. The business had revenue of $3.62 billion for the quarter, compared to analysts’ expectations 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 period last year, the firm posted $0.75 earnings per share. On average, equities analysts predict that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were given a $0.34 dividend. The ex-dividend date was Thursday, February 15th. This represents a $1.36 annualized dividend and a yield of 1.46%. Otis Worldwide’s payout ratio is 40.12%.

About Otis Worldwide

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.