Lbp Am Sa Sells 1,100 Shares of Otis Worldwide Co. (NYSE:OTIS)

Lbp Am Sa cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 9.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,833 shares of the company’s stock after selling 1,100 shares during the period. Lbp Am Sa’s holdings in Otis Worldwide were worth $1,075,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of OTIS. Blue Trust Inc. increased its position in shares of Otis Worldwide by 78.3% in the fourth quarter. Blue Trust Inc. now owns 1,521 shares of the company’s stock worth $136,000 after purchasing an additional 668 shares during the last quarter. Pinnacle Associates Ltd. increased its position in shares of Otis Worldwide by 1.4% in the fourth quarter. Pinnacle Associates Ltd. now owns 20,120 shares of the company’s stock worth $1,800,000 after purchasing an additional 277 shares during the last quarter. Pinnacle Financial Partners Inc increased its position in shares of Otis Worldwide by 603.0% in the fourth quarter. Pinnacle Financial Partners Inc now owns 2,615 shares of the company’s stock worth $234,000 after purchasing an additional 2,243 shares during the last quarter. Founders Capital Management LLC bought a new position in shares of Otis Worldwide in the fourth quarter worth approximately $219,000. Finally, Colonial River Wealth Management LLC bought a new position in shares of Otis Worldwide in the fourth quarter worth approximately $253,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Down 1.0 %

Shares of NYSE:OTIS traded down $0.97 during trading on Friday, reaching $93.33. 1,582,127 shares of the company traded hands, compared to its average volume of 2,098,984. The firm has a market capitalization of $37.38 billion, a price-to-earnings ratio of 27.25 and a beta of 1.03. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.84. The business’s fifty day moving average is $96.88 and its 200-day moving average is $95.22.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.03. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.92 earnings per share. On average, sell-side analysts predict that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Friday, August 16th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend is Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is currently 45.09%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 25th. JPMorgan Chase & Co. increased their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Finally, Argus increased their price target on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and an average price target of $98.83.

Insider Activity 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 shares were 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 in the company, valued at approximately $1,458,753.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.23% of the stock is currently owned by company insiders.

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.