Kestra Private Wealth Services LLC Sells 1,257 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Kestra Private Wealth Services LLC decreased its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 13.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,892 shares of the company’s stock after selling 1,257 shares during the period. Kestra Private Wealth Services LLC’s holdings in Otis Worldwide were worth $814,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of OTIS. NBC Securities Inc. acquired a new stake in shares of Otis Worldwide in the first quarter valued at approximately $25,000. Transce3nd LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $28,000. Wayfinding Financial LLC acquired a new stake in shares of Otis Worldwide in the first quarter valued at approximately $31,000. Finally, Orion Capital Management LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Morgan Stanley lifted their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Barclays lowered their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a report on Thursday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a report on Monday, July 14th. They set a “hold” rating and a $109.00 target price for the company. Royal Bank Of Canada lowered their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, April 28th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Otis Worldwide from $109.00 to $101.00 and set an “overweight” rating for the company in a report on Thursday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $102.50.

Otis Worldwide Stock Up 0.9%

Shares of OTIS stock opened at $89.29 on Friday. Otis Worldwide Corporation has a 12-month low of $86.00 and a 12-month high of $106.83. The firm has a market capitalization of $35.24 billion, a price-to-earnings ratio of 23.62, a price-to-earnings-growth ratio of 2.40 and a beta of 0.98. The firm has a fifty day moving average of $97.14 and a 200-day moving average of $97.26.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.02. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. During the same quarter in the previous year, the business earned $1.06 EPS. The firm’s revenue was down .2% on a year-over-year basis. Research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.88%. Otis Worldwide’s dividend payout ratio is currently 44.09%.

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.