Delta Asset Management LLC TN Sells 1,254 Shares of Otis Worldwide Co. (NYSE:OTIS)

Delta Asset Management LLC TN decreased its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 73,148 shares of the company’s stock after selling 1,254 shares during the period. Delta Asset Management LLC TN’s holdings in Otis Worldwide were worth $6,545,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in OTIS. Cetera Trust Company N.A acquired a new position in shares of Otis Worldwide in the 4th quarter valued at $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Otis Worldwide during the fourth quarter worth $28,000. Orion Capital Management LLC acquired a new stake in Otis Worldwide in the 3rd quarter valued at about $30,000. NBC Securities Inc. bought a new position in Otis Worldwide in the 3rd quarter worth approximately $33,000. Finally, Pacific Capital Wealth Advisors Inc. acquired a new position in shares of Otis Worldwide during the fourth quarter valued at $35,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Otis Worldwide stock traded up $0.55 during midday trading on Wednesday, reaching $98.70. 2,098,079 shares of the company’s stock were exchanged, compared to its average volume of 2,002,859. The stock’s 50-day simple moving average is $96.59 and its 200 day simple moving average is $91.50. The firm has a market cap of $39.91 billion, a price-to-earnings ratio of 28.37 and a beta of 1.03. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.35.

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

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be issued a dividend of $0.39 per share. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.58%. Otis Worldwide’s payout ratio is presently 45.09%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction on 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 transaction, the executive vice president now owns 15,570 shares in the company, valued at approximately $1,458,753.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.23% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on OTIS shares. Wells Fargo & Company lowered their price objective on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. Melius began coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating for the company. UBS Group increased their price objective on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. Barclays raised their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. Finally, Argus increased their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $97.71.

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.