First Financial Corp IN Sells 215 Shares of Otis Worldwide Co. (NYSE:OTIS)

First Financial Corp IN lowered its position in Otis Worldwide Co. (NYSE:OTISFree Report) by 11.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,699 shares of the company’s stock after selling 215 shares during the quarter. First Financial Corp IN’s holdings in Otis Worldwide were worth $169,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Cetera Trust Company N.A bought a new position in Otis Worldwide during the fourth quarter worth $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Otis Worldwide during the fourth quarter valued at about $28,000. Orion Capital Management LLC bought a new position in Otis Worldwide in the 3rd quarter worth about $30,000. Pacific Capital Wealth Advisors Inc. bought a new stake in shares of Otis Worldwide during the 4th quarter worth $35,000. Finally, Accent Capital Management LLC bought a new position in Otis Worldwide during the fourth quarter valued at approximately $36,000. 88.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

OTIS has been the subject of several research analyst reports. Argus raised their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Barclays raised their price target on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. JPMorgan Chase & Co. boosted their price target on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Wells Fargo & Company decreased their price target on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. Finally, Melius started coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $99.33.

Check Out Our Latest Report on Otis Worldwide

Insider Buying and Selling at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the sale, the executive vice president now owns 15,570 shares in the company, valued at $1,458,753.30. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

NYSE OTIS traded down $1.21 on Tuesday, hitting $95.66. The stock had a trading volume of 1,755,423 shares, compared to its average volume of 2,032,567. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.84. The business’s fifty day moving average price is $96.15 and its 200 day moving average price is $93.76. The stock has a market cap of $38.68 billion, a price-to-earnings ratio of 27.69 and a beta of 1.04.

Otis Worldwide (NYSE:OTISGet Free Report) last issued its quarterly 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 negative return on equity of 31.02% and a net margin of 9.99%. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. As a group, sell-side analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 17th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.63%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s payout ratio is currently 45.09%.

About Otis Worldwide

(Free Report)

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.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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