Triangle Securities Wealth Management Has $1.29 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Triangle Securities Wealth Management cut its position in shares of Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 4.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,448 shares of the company’s stock after selling 730 shares during the quarter. Triangle Securities Wealth Management’s holdings in Otis Worldwide were worth $1,288,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. MADDEN SECURITIES Corp acquired a new stake in Otis Worldwide during the fourth quarter worth about $48,000. American National Bank grew its position in Otis Worldwide by 1,022.6% during the fourth quarter. American National Bank now owns 348 shares of the company’s stock worth $27,000 after buying an additional 317 shares in the last quarter. First Community Trust NA grew its position in Otis Worldwide by 36.8% during the fourth quarter. First Community Trust NA now owns 692 shares of the company’s stock worth $54,000 after buying an additional 186 shares in the last quarter. Independence Bank of Kentucky boosted its holdings in Otis Worldwide by 980.4% during the fourth quarter. Independence Bank of Kentucky now owns 551 shares of the company’s stock valued at $43,000 after purchasing an additional 500 shares in the last quarter. Finally, Yousif Capital Management LLC boosted its holdings in Otis Worldwide by 22.3% during the fourth quarter. Yousif Capital Management LLC now owns 74,490 shares of the company’s stock valued at $5,833,000 after purchasing an additional 13,572 shares in the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on OTIS. Wells Fargo & Company lifted their price objective on Otis Worldwide from $76.00 to $82.00 and gave the company an “underweight” rating in a report on Thursday, February 2nd. Barclays lifted their price objective on Otis Worldwide from $80.00 to $81.00 and gave the company an “equal weight” rating in a report on Thursday, February 2nd. Cowen lifted their price objective on Otis Worldwide from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Thursday, February 2nd. Finally, Morgan Stanley lifted their price objective on Otis Worldwide from $84.00 to $89.00 and gave the company an “equal weight” rating in a report on Thursday, February 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $81.00.

Otis Worldwide Price Performance

Shares of NYSE:OTIS traded down $1.47 during trading on Friday, reaching $80.04. The stock had a trading volume of 3,538,732 shares, compared to its average volume of 1,852,666. Otis Worldwide Co. has a 52 week low of $62.49 and a 52 week high of $87.33. The business’s 50-day moving average price is $83.16 and its 200 day moving average price is $76.59. The stock has a market capitalization of $33.21 billion, a PE ratio of 26.95 and a beta of 0.93.

Otis Worldwide (NYSE:OTIS – Get Rating) last posted its quarterly earnings data on Wednesday, February 1st. The company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.02. Otis Worldwide had a net margin of 9.16% and a negative return on equity of 27.69%. The firm had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.40 billion. During the same quarter in the previous year, the company posted $0.72 EPS. Otis Worldwide’s revenue was down 3.6% on a year-over-year basis. Analysts forecast that Otis Worldwide Co. will post 3.43 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Friday, February 17th were given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 1.45%. The ex-dividend date was Thursday, February 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 39.06%.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 16,005 shares of the business’s stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $84.26, for a total value of $1,348,581.30. Following the completion of the transaction, the insider now owns 21,161 shares in the company, valued at approximately $1,783,025.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Montlivault Stephane De sold 16,005 shares of the business’s stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $84.26, for a total value of $1,348,581.30. Following the completion of the transaction, the insider now owns 21,161 shares in the company, valued at approximately $1,783,025.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michael Patrick Ryan sold 3,018 shares of the company’s stock in a transaction on Monday, February 6th. The shares were sold at an average price of $84.46, for a total transaction of $254,900.28. The disclosure for this sale can be found here. Insiders sold 32,777 shares of company stock worth $2,759,404 in the last quarter. Insiders own 0.11% of the company’s stock.

Otis Worldwide Profile

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Otis Worldwide Corporation manufactures, installs, and services 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.