Sigma Planning Corp Trims Position in Otis Worldwide Co. (NYSE:OTIS)

Sigma Planning Corp lessened its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 26.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,062 shares of the company’s stock after selling 1,127 shares during the quarter. Sigma Planning Corp’s holdings in Otis Worldwide were worth $274,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in OTIS. Turtle Creek Wealth Advisors LLC purchased a new position in Otis Worldwide during the 4th quarter valued at about $28,000. Orion Capital Management LLC purchased a new position in shares of Otis Worldwide during the third quarter worth about $30,000. NBC Securities Inc. purchased a new position in shares of Otis Worldwide during the third quarter worth about $33,000. CNB Bank grew its holdings in shares of Otis Worldwide by 81.0% during the third quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after purchasing an additional 192 shares in the last quarter. Finally, First Command Advisory Services Inc. purchased a new position in shares of Otis Worldwide during the third quarter worth about $36,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS opened at $92.20 on Friday. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.35. The stock has a 50 day simple moving average of $96.44 and a two-hundred day simple moving average of $89.42. The firm has a market cap of $37.27 billion, a P/E ratio of 26.65 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. On average, equities analysts anticipate that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be given a $0.39 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.56 annualized dividend and a yield of 1.69%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s payout ratio is presently 39.31%.

Analysts Set New Price Targets

OTIS has been the subject of several recent analyst reports. Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Barclays boosted their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a report on Thursday, February 22nd. Melius initiated coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating for the company. Finally, UBS Group upped their target price on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. 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, Otis Worldwide has an average rating of “Hold” and a consensus target price of $96.86.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, 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 value of $1,675,602.30. Following the completion of the sale, the insider now owns 67,274 shares in the company, valued at $6,128,661.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was 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 $17,660,653.77. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value 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. Corporate insiders own 0.23% of the company’s stock.

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.