Otis Worldwide Co. (NYSE:OTIS) Stake Reduced by First National Trust Co

First National Trust Co trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 8.0% in the 4th quarter, Holdings Channel reports. The institutional investor owned 2,729 shares of the company’s stock after selling 238 shares during the period. First National Trust Co’s holdings in Otis Worldwide were worth $244,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sapient Capital LLC bought a new stake in Otis Worldwide during the fourth quarter worth $238,000. Axxcess Wealth Management LLC purchased a new stake in Otis Worldwide in the fourth quarter worth approximately $371,000. Merit Financial Group LLC boosted its stake in shares of Otis Worldwide by 3.9% during the 4th quarter. Merit Financial Group LLC now owns 10,187 shares of the company’s stock valued at $911,000 after purchasing an additional 378 shares in the last quarter. Montis Financial LLC bought a new stake in Otis Worldwide during the 4th quarter valued at about $221,000. Finally, Natixis Advisors L.P. increased its holdings in Otis Worldwide by 8.5% during the fourth quarter. Natixis Advisors L.P. now owns 154,629 shares of the company’s stock valued at $13,833,000 after buying an additional 12,083 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the sale, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

OTIS stock traded up $0.64 during trading on Monday, hitting $92.76. The stock had a trading volume of 61,767 shares, compared to its average volume of 2,005,277. The company’s 50 day moving average price is $96.44 and its two-hundred day moving average price is $89.89. The stock has a market cap of $37.50 billion, a price-to-earnings ratio of 26.62 and a beta of 1.03. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.35.

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 company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. As a group, sell-side analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.68%. The ex-dividend date of this dividend is Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s payout ratio is currently 39.31%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 25th. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research note on Thursday, February 22nd. Melius began coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating for the company. JPMorgan Chase & Co. increased their price target on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a report on Monday, February 5th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $96.86.

About Otis Worldwide

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.