Kestra Private Wealth Services LLC Has $827,000 Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Kestra Private Wealth Services LLC raised its stake in Otis Worldwide Co. (NYSE:OTIS) by 26.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,241 shares of the company’s stock after acquiring an additional 1,949 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Otis Worldwide were worth $827,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Commonwealth Equity Services LLC raised its holdings in Otis Worldwide by 0.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 154,776 shares of the company’s stock valued at $12,430,000 after acquiring an additional 733 shares in the last quarter. Stratos Wealth Partners LTD. boosted its holdings in shares of Otis Worldwide by 13.1% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 6,759 shares of the company’s stock valued at $543,000 after purchasing an additional 785 shares in the last quarter. Stratos Wealth Advisors LLC increased its stake in shares of Otis Worldwide by 6.1% in the 3rd quarter. Stratos Wealth Advisors LLC now owns 2,782 shares of the company’s stock valued at $223,000 after purchasing an additional 160 shares during the last quarter. Mn Services Vermogensbeheer B.V. raised its holdings in shares of Otis Worldwide by 1.7% during the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 200,100 shares of the company’s stock worth $16,070,000 after buying an additional 3,300 shares in the last quarter. Finally, JB Capital LLC lifted its position in shares of Otis Worldwide by 1.4% during the 3rd quarter. JB Capital LLC now owns 26,443 shares of the company’s stock worth $2,124,000 after buying an additional 360 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction dated 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 of the company’s stock, valued at $6,128,661.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the transaction, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $92.12 on Friday. The company has a 50 day simple moving average of $96.44 and a 200 day simple moving average of $89.75. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.35. The firm has a market cap of $37.25 billion, a PE ratio of 26.62 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.01. The firm had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. As a group, research analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be given a dividend of $0.39 per share. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend is Thursday, May 16th. Otis Worldwide’s dividend payout ratio (DPR) is currently 39.31%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on OTIS. UBS Group lifted their target price on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. Barclays upped their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Royal Bank of Canada restated an “outperform” rating and issued a $100.00 target price on shares of Otis Worldwide in a research report on Monday, February 5th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Otis Worldwide has an average rating of “Hold” and an average price target of $96.86.

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.