Pinnacle Wealth Management Advisory Group LLC Sells 163 Shares of Otis Worldwide Co. (NYSE:OTIS)

Pinnacle Wealth Management Advisory Group LLC lessened its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,375 shares of the company’s stock after selling 163 shares during the quarter. Pinnacle Wealth Management Advisory Group LLC’s holdings in Otis Worldwide were worth $302,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Stratos Wealth Partners LTD. lifted its holdings in shares of Otis Worldwide by 13.1% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 6,759 shares of the company’s stock worth $543,000 after acquiring an additional 785 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Otis Worldwide by 1.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 111,433 shares of the company’s stock valued at $8,949,000 after buying an additional 1,589 shares during the period. Mackenzie Financial Corp raised its holdings in shares of Otis Worldwide by 2.9% in the third quarter. Mackenzie Financial Corp now owns 35,204 shares of the company’s stock worth $2,795,000 after buying an additional 1,000 shares during the period. Brighton Jones LLC lifted its stake in shares of Otis Worldwide by 8.1% during the 3rd quarter. Brighton Jones LLC now owns 2,662 shares of the company’s stock worth $214,000 after acquiring an additional 200 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Otis Worldwide by 4.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 67,395 shares of the company’s stock valued at $5,412,000 after acquiring an additional 2,802 shares during the period. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on OTIS shares. JPMorgan Chase & Co. lifted their target price on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. UBS Group upped their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. Melius assumed coverage on Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating for the company. Barclays raised their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Finally, Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research report on Thursday, February 22nd. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $96.86.

Otis Worldwide Stock Up 1.2 %

Shares of Otis Worldwide stock traded up $1.12 on Thursday, reaching $95.64. The stock had a trading volume of 897,789 shares, compared to its average volume of 1,999,394. The stock has a market capitalization of $38.67 billion, a P/E ratio of 27.32 and a beta of 1.03. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.35. The company has a 50 day moving average price of $96.42 and a 200 day moving average price of $90.14.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.87 by $0.01. The business had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. On average, analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be paid a dividend of $0.39 per share. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a yield of 1.63%. The ex-dividend date is Thursday, May 16th. Otis Worldwide’s dividend payout ratio is presently 39.31%.

Insiders Place Their Bets

In other news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the sale, the executive vice president now owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the transaction, the executive vice president now owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction that occurred on 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 $6,128,661.40. The disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.

Otis Worldwide 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.