Bahl & Gaynor Inc. Sells 21,873 Shares of Otis Worldwide Corporation $OTIS

Bahl & Gaynor Inc. decreased its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 20.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 86,854 shares of the company’s stock after selling 21,873 shares during the quarter. Bahl & Gaynor Inc.’s holdings in Otis Worldwide were worth $7,941,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Root Financial Partners LLC bought a new position in shares of Otis Worldwide during the third quarter worth $26,000. Nemes Rush Group LLC increased its position in shares of Otis Worldwide by 75.4% in the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after buying an additional 135 shares in the last quarter. Rakuten Investment Management Inc. acquired a new stake in Otis Worldwide during the 3rd quarter worth $31,000. Oakworth Capital Inc. lifted its holdings in Otis Worldwide by 49.1% during the third quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after acquiring an additional 113 shares in the last quarter. Finally, Physician Wealth Advisors Inc. lifted its holdings in Otis Worldwide by 57.7% during the third quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock worth $31,000 after acquiring an additional 124 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several recent analyst reports. New Street Research set a $98.00 price target on Otis Worldwide in a report on Friday, January 30th. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price for the company. in a research note on Friday, January 30th. Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Finally, BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research report on Tuesday, December 9th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $101.44.

Otis Worldwide Stock Performance

NYSE OTIS opened at $93.65 on Tuesday. Otis Worldwide Corporation has a 52 week low of $84.00 and a 52 week high of $106.83. The stock’s 50 day moving average price is $89.62 and its two-hundred day moving average price is $89.31. The stock has a market capitalization of $36.41 billion, a price-to-earnings ratio of 26.76, a PEG ratio of 2.79 and a beta of 1.00.

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

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.8%. Otis Worldwide’s payout ratio is 48.00%.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Neil Green sold 6,000 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total transaction of $518,700.00. Following the completion of the transaction, the executive vice president directly owned 3,773 shares of the company’s stock, valued at approximately $326,175.85. This represents a 61.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Michael Patrick Ryan sold 1,182 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total value of $106,450.92. Following the completion of the transaction, the chief accounting officer owned 3,504 shares of the company’s stock, valued at approximately $315,570.24. This represents a 25.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 158,013 shares of company stock valued at $14,337,635. Corporate 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.