Prelude Capital Management LLC purchased a new stake in shares of Otis Worldwide Co. (NYSE:OTIS – Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 4,432 shares of the company’s stock, valued at approximately $374,000.
A number of other hedge funds have also modified their holdings of OTIS. Nelson Van Denburg & Campbell Wealth Management Group LLC raised its stake in shares of Otis Worldwide by 95.5% during the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 389 shares of the company’s stock worth $33,000 after purchasing an additional 190 shares in the last quarter. Resurgent Financial Advisors LLC bought a new position in Otis Worldwide during the fourth quarter valued at approximately $33,000. New Hampshire Trust acquired a new stake in Otis Worldwide in the fourth quarter valued at approximately $43,000. Disciplined Investments LLC raised its holdings in shares of Otis Worldwide by 392.2% during the 1st quarter. Disciplined Investments LLC now owns 507 shares of the company’s stock valued at $43,000 after purchasing an additional 404 shares in the last quarter. Finally, Old North State Trust LLC increased its position in Otis Worldwide by 77.1% during the first quarter. Old North State Trust LLC now owns 928 shares of the company’s stock worth $43,000 after buying an additional 404 shares during the last quarter. 85.48% of the stock is owned by institutional investors and hedge funds.
In related news, CAO Michael Patrick Ryan sold 6,372 shares of the company’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $90.50, for a total value of $576,666.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Otis Worldwide news, insider Fernandez Bernardo Calleja sold 3,992 shares of Otis Worldwide stock in a transaction on Friday, July 28th. The stock was sold at an average price of $90.70, for a total transaction of $362,074.40. Following the completion of the transaction, the insider now directly owns 42,097 shares of the company’s stock, valued at $3,818,197.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Michael Patrick Ryan sold 6,372 shares of the company’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $90.50, for a total transaction of $576,666.00. The disclosure for this sale can be found here. Corporate insiders own 0.11% of the company’s stock.
Analyst Ratings Changes
A number of brokerages have recently commented on OTIS. Royal Bank of Canada increased their price objective on Otis Worldwide from $96.00 to $100.00 in a report on Friday, July 28th. Barclays dropped their price target on shares of Otis Worldwide from $80.00 to $76.00 in a research report on Thursday, September 7th. Wells Fargo & Company upped their price objective on shares of Otis Worldwide from $88.00 to $90.00 in a report on Monday, July 10th. HSBC lifted their target price on shares of Otis Worldwide from $81.00 to $88.00 in a report on Friday, June 23rd. Finally, TheStreet upgraded shares of Otis Worldwide from a “c+” rating to a “b” rating in a report on Wednesday, July 26th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $87.86.
Otis Worldwide Price Performance
NYSE OTIS opened at $81.12 on Monday. The company’s fifty day moving average is $86.34 and its two-hundred day moving average is $84.86. Otis Worldwide Co. has a 52-week low of $62.49 and a 52-week high of $91.33. The firm has a market capitalization of $33.40 billion, a price-to-earnings ratio of 25.59 and a beta of 0.97.
Otis Worldwide (NYSE:OTIS – Get Free Report) last posted its quarterly earnings results on Wednesday, July 26th. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.86 by $0.06. Otis Worldwide had a negative return on equity of 28.62% and a net margin of 9.59%. The firm had revenue of $3.72 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the prior year, the firm posted $0.86 EPS. The company’s revenue for the quarter was up 6.7% on a year-over-year basis. As a group, sell-side analysts expect that Otis Worldwide Co. will post 3.47 earnings per share for the current fiscal year.
Otis Worldwide Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Friday, August 18th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 1.68%. The ex-dividend date was Thursday, August 17th. Otis Worldwide’s dividend payout ratio (DPR) is presently 42.90%.
About Otis Worldwide
Otis Worldwide Corporation engages in the 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.
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