Equitable Trust Co. Sells 24,826 Shares of Otis Worldwide Corporation $OTIS

Equitable Trust Co. reduced its stake in Otis Worldwide Corporation (NYSE:OTIS) by 15.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 140,308 shares of the company’s stock after selling 24,826 shares during the period. Equitable Trust Co.’s holdings in Otis Worldwide were worth $12,828,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of OTIS. Jones Financial Companies Lllp increased its holdings in Otis Worldwide by 3.4% during the 1st quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company’s stock worth $949,000 after purchasing an additional 304 shares during the period. Empowered Funds LLC grew its position in shares of Otis Worldwide by 10.5% during the 1st quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock worth $928,000 after buying an additional 857 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of Otis Worldwide by 63.7% during the first quarter. Acadian Asset Management LLC now owns 4,045 shares of the company’s stock valued at $417,000 after buying an additional 1,574 shares during the period. Asset Management One Co. Ltd. raised its holdings in shares of Otis Worldwide by 2.5% in the second quarter. Asset Management One Co. Ltd. now owns 164,439 shares of the company’s stock valued at $16,283,000 after acquiring an additional 4,007 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in Otis Worldwide by 1.1% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 936,593 shares of the company’s stock worth $92,741,000 after acquiring an additional 10,053 shares during the period. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Down 0.4%

Shares of OTIS opened at $92.66 on Monday. The firm has a market cap of $36.02 billion, a PE ratio of 26.47, a P/E/G ratio of 2.79 and a beta of 1.01. Otis Worldwide Corporation has a 12 month low of $84.00 and a 12 month high of $106.83. The stock has a fifty day moving average price of $89.22 and a 200-day moving average price of $89.16.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The company had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the prior year, the company posted $0.93 EPS. The firm’s quarterly revenue was up 3.3% compared to the same quarter last year. As a group, research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is presently 48.00%.

Analyst Ratings Changes

OTIS has been the topic of a number of research reports. New Street Research set a $98.00 target price on shares of Otis Worldwide in a research report on Friday, January 30th. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday, December 15th. JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price for the company. in a report on Friday, January 30th. Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $101.44.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of the business’s stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the sale, the chief executive officer owned 231,072 shares of the company’s stock, valued at approximately $21,002,134.08. The trade was a 19.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Neil Green sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction of $518,700.00. Following the transaction, the executive vice president owned 3,773 shares in the company, valued at $326,175.85. The trade was a 61.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 158,013 shares of company stock valued at $14,337,635 over the last 90 days. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.