Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Courier Capital LLC

Courier Capital LLC trimmed its position in Otis Worldwide Co. (NYSE:OTIS) by 19.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,416 shares of the company’s stock after selling 599 shares during the period. Courier Capital LLC’s holdings in Otis Worldwide were worth $224,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Riverview Trust Co acquired a new position in Otis Worldwide in the third quarter valued at $25,000. Cranbrook Wealth Management LLC grew its holdings in Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after buying an additional 250 shares during the period. Northwest Investment Counselors LLC acquired a new position in shares of Otis Worldwide during the 3rd quarter valued at about $28,000. Ashton Thomas Securities LLC purchased a new position in shares of Otis Worldwide during the 3rd quarter worth about $29,000. Finally, Fortitude Family Office LLC boosted its position in shares of Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after acquiring an additional 267 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $91.72 on Wednesday. The company has a market capitalization of $36.64 billion, a price-to-earnings ratio of 22.87 and a beta of 1.06. Otis Worldwide Co. has a 1-year low of $85.42 and a 1-year high of $106.33. The business has a 50-day moving average of $97.23 and a 200-day moving average of $97.34.

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

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were issued a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.70%. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Analysts Set New Price Targets

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

Insider Buying and Selling at Otis Worldwide

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

Otis Worldwide Company 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.