Wedmont Private Capital Sells 390 Shares of Otis Worldwide Co. (NYSE:OTIS)

Wedmont Private Capital reduced its holdings in Otis Worldwide Co. (NYSE:OTIS) by 6.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,101 shares of the company’s stock after selling 390 shares during the quarter. Wedmont Private Capital’s holdings in Otis Worldwide were worth $635,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in OTIS. Meeder Asset Management Inc. boosted its position in shares of Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after purchasing an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. boosted its position in shares of Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC boosted its position in shares of Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares in the last quarter. Hantz Financial Services Inc. bought a new stake in shares of Otis Worldwide during the second quarter valued at approximately $29,000. Finally, Accent Capital Management LLC bought a new stake in shares of Otis Worldwide during the fourth quarter valued at approximately $36,000. 88.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on OTIS. Barclays lifted their price target on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday. Wells Fargo & Company boosted their target price on Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Morgan Stanley began coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $102.71.

Otis Worldwide Price Performance

OTIS stock opened at $104.03 on Friday. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $105.39. The business has a fifty day moving average price of $96.21 and a 200-day moving average price of $96.42. The stock has a market capitalization of $41.67 billion, a P/E ratio of 29.06 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. During the same quarter in the previous year, the business earned $0.92 earnings per share. The company’s revenue was down 3.2% on a year-over-year basis. As a group, analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 43.58%.

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.