Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Courier Capital LLC

Courier Capital LLC trimmed its position in Otis Worldwide Co. (NYSE:OTIS) by 19.9% in the fourth quarter, Holdings Channel reports. The firm owned 2,416 shares of the company’s stock after selling 599 shares during the quarter. Courier Capital LLC’s holdings in Otis Worldwide were worth $224,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OTIS. Appian Way Asset Management LP bought a new position in shares of Otis Worldwide in the 2nd quarter worth about $991,000. M&T Bank Corp lifted its holdings in Otis Worldwide by 11.2% in the third quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock worth $19,123,000 after acquiring an additional 18,536 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in Otis Worldwide by 11.1% in the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after acquiring an additional 4,918 shares during the period. JPMorgan Chase & Co. boosted its stake in Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares during the period. Finally, Blair William & Co. IL grew its holdings in shares of Otis Worldwide by 64.7% during the second quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock valued at $2,363,000 after purchasing an additional 9,643 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.23% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of analyst reports. Barclays reduced their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. UBS Group started coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. Finally, Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research note on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and a consensus target price of $103.50.

Otis Worldwide Trading Up 0.6 %

OTIS stock opened at $91.72 on Wednesday. The firm’s 50-day moving average is $97.23 and its two-hundred day moving average is $97.34. The company has a market capitalization of $36.64 billion, a price-to-earnings ratio of 22.87 and a beta of 1.06. Otis Worldwide Co. has a 52 week low of $85.42 and a 52 week high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. Otis Worldwide’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.95 EPS. On average, equities research analysts predict that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.70%. Otis Worldwide’s dividend payout ratio is currently 38.90%.

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.