SeaCrest Wealth Management LLC Decreases Stake in Otis Worldwide Co. (NYSE:OTIS)

SeaCrest Wealth Management LLC reduced its holdings in Otis Worldwide Co. (NYSE:OTISFree Report) by 6.6% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 4,473 shares of the company’s stock after selling 317 shares during the period. SeaCrest Wealth Management LLC’s holdings in Otis Worldwide were worth $391,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Meiji Yasuda Asset Management Co Ltd. lifted its stake in shares of Otis Worldwide by 54.5% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,772 shares of the company’s stock worth $544,000 after buying an additional 2,390 shares in the last quarter. SG Americas Securities LLC raised its stake in Otis Worldwide by 176.4% during the fourth quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock worth $10,378,000 after purchasing an additional 74,030 shares during the period. Curbstone Financial Management Corp raised its stake in Otis Worldwide by 3.0% during the third quarter. Curbstone Financial Management Corp now owns 6,968 shares of the company’s stock worth $560,000 after purchasing an additional 200 shares during the period. Nordea Investment Management AB raised its stake in Otis Worldwide by 4.5% during the fourth quarter. Nordea Investment Management AB now owns 387,312 shares of the company’s stock worth $34,711,000 after purchasing an additional 16,787 shares during the period. Finally, Assenagon Asset Management S.A. raised its stake in Otis Worldwide by 29.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 135,428 shares of the company’s stock worth $12,117,000 after purchasing an additional 30,530 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $99.27 on Friday. The company has a market capitalization of $40.25 billion, a price-to-earnings ratio of 29.28 and a beta of 1.01. The company’s 50 day simple moving average is $93.93 and its 200-day simple moving average is $87.19. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.35.

Otis Worldwide (NYSE:OTISGet Free Report) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. The firm had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.57 billion. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. During the same quarter in the previous year, the business posted $0.75 earnings per share. Equities analysts expect that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date was Thursday, February 15th. Otis Worldwide’s dividend payout ratio (DPR) is currently 40.12%.

Insider Activity at Otis Worldwide

In related news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now 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 0.11% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on OTIS. Vertical Research downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research note on Thursday, February 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. UBS Group lifted their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. Finally, Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 1st. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $92.29.

View Our Latest Report on OTIS

About Otis Worldwide

(Free Report)

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.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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