Oak Thistle LLC Sells 15,413 Shares of Otis Worldwide Co. (NYSE:OTIS)

Oak Thistle LLC lessened its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 82.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,382 shares of the company’s stock after selling 15,413 shares during the period. Oak Thistle LLC’s holdings in Otis Worldwide were worth $336,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Cetera Trust Company N.A bought a new stake in Otis Worldwide during the fourth quarter worth $27,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Otis Worldwide in the fourth quarter valued at about $28,000. Orion Capital Management LLC bought a new position in Otis Worldwide in the third quarter valued at about $30,000. Pacific Capital Wealth Advisors Inc. acquired a new position in Otis Worldwide during the fourth quarter worth about $35,000. Finally, Accent Capital Management LLC bought a new position in shares of Otis Worldwide in the fourth quarter worth about $36,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OTIS. Argus lifted their price target on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a report on Monday, May 13th. Melius initiated coverage on Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating for the company. Wells Fargo & Company dropped their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. JPMorgan Chase & Co. upped their price objective on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Finally, Barclays lifted their target price 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. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $99.33.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $94.95 on Tuesday. The business’s 50 day simple moving average is $96.17 and its 200 day simple moving average is $94.00. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.84. The stock has a market capitalization of $38.39 billion, a PE ratio of 27.44 and a beta of 1.03.

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

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 17th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $1.56 annualized dividend and a yield of 1.64%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio (DPR) is currently 45.09%.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the sale, the executive vice president now owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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.