Nichols & Pratt Advisers LLP MA Acquires New Shares in Otis Worldwide Co. (NYSE:OTIS)

Nichols & Pratt Advisers LLP MA acquired a new stake in Otis Worldwide Co. (NYSE:OTIS) in the fourth quarter, Holdings Channel.com reports. The firm acquired 2,315 shares of the company’s stock, valued at approximately $207,000.

A number of other hedge funds have also bought and sold shares of the business. Cetera Trust Company N.A purchased a new position in shares of Otis Worldwide during the 4th quarter valued at $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Otis Worldwide during the 4th quarter valued at $28,000. Orion Capital Management LLC purchased a new position in shares of Otis Worldwide during the 3rd quarter valued at $30,000. NBC Securities Inc. purchased a new position in shares of Otis Worldwide during the 3rd quarter valued at $33,000. Finally, CNB Bank grew its position in shares of Otis Worldwide by 81.0% during the 3rd quarter. CNB Bank now owns 429 shares of the company’s stock valued at $34,000 after purchasing an additional 192 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 15,570 shares in the company, valued at $1,458,753.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction 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 completion of the sale, the executive vice president now owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction 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 completion of the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded up $0.45 during mid-day trading on Friday, hitting $96.58. 1,114,948 shares of the stock traded hands, compared to its average volume of 1,999,478. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.35. The company has a market cap of $39.05 billion, a price-to-earnings ratio of 27.79 and a beta of 1.03. The stock has a fifty day moving average price of $96.44 and a 200-day moving average price of $90.18.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. The business had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. As a group, sell-side analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be paid a $0.39 dividend. The ex-dividend date is Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.62%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s payout ratio is currently 45.09%.

Analyst Ratings Changes

A number of research firms have recently commented on OTIS. UBS Group boosted their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Wells Fargo & Company decreased their price objective on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. Melius initiated coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating on the stock. Barclays raised their price target on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Finally, Argus upgraded 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 analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average target price of $96.86.

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.