Bar Harbor Wealth Management Has $374,000 Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Bar Harbor Wealth Management cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 11.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,036 shares of the company’s stock after selling 508 shares during the period. Bar Harbor Wealth Management’s holdings in Otis Worldwide were worth $374,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Riverview Trust Co bought a new stake in shares of Otis Worldwide during the 3rd quarter worth approximately $25,000. Meeder Asset Management Inc. raised its position in Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after acquiring an additional 196 shares in the last quarter. Northwest Investment Counselors LLC acquired a new stake in Otis Worldwide in the third quarter valued at $28,000. Ashton Thomas Securities LLC bought a new position in shares of Otis Worldwide in the 3rd quarter valued at about $29,000. Finally, Cranbrook Wealth Management LLC increased its stake in shares of Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after purchasing an additional 250 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Stock Performance

OTIS opened at $90.89 on Tuesday. The stock has a fifty day moving average of $97.40 and a 200-day moving average of $97.37. The company has a market capitalization of $36.31 billion, a P/E ratio of 22.67 and a beta of 1.06. Otis Worldwide Co. has a fifty-two week low of $85.42 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. Otis Worldwide’s revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.95 earnings per share. On average, equities research analysts predict that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on OTIS shares. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. UBS Group began coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. Wells Fargo & Company decreased their target price on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. Barclays cut their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $103.50.

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.