First National Trust Co Decreases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

First National Trust Co decreased its holdings in Otis Worldwide Co. (NYSE:OTIS) by 8.0% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,729 shares of the company’s stock after selling 238 shares during the quarter. First National Trust Co’s holdings in Otis Worldwide were worth $244,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Stratos Wealth Partners LTD. raised its holdings in shares of Otis Worldwide by 13.1% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 6,759 shares of the company’s stock worth $543,000 after acquiring an additional 785 shares in the last quarter. Stratos Wealth Advisors LLC raised its holdings in Otis Worldwide by 6.1% during the 3rd quarter. Stratos Wealth Advisors LLC now owns 2,782 shares of the company’s stock valued at $223,000 after buying an additional 160 shares during the period. Verdence Capital Advisors LLC raised its holdings in Otis Worldwide by 5.0% during the 3rd quarter. Verdence Capital Advisors LLC now owns 5,024 shares of the company’s stock valued at $403,000 after buying an additional 240 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Otis Worldwide by 1.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 111,433 shares of the company’s stock valued at $8,949,000 after buying an additional 1,589 shares during the period. Finally, Mackenzie Financial Corp raised its holdings in Otis Worldwide by 2.9% during the 3rd quarter. Mackenzie Financial Corp now owns 35,204 shares of the company’s stock valued at $2,795,000 after buying an additional 1,000 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Price Performance

Otis Worldwide stock traded up $0.64 during midday trading on Monday, reaching $92.76. The company’s stock had a trading volume of 61,767 shares, compared to its average volume of 2,005,277. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.35. The stock has a market capitalization of $37.50 billion, a P/E ratio of 26.62 and a beta of 1.03. The stock’s 50-day simple moving average is $96.44 and its 200-day simple moving average is $89.89.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.01. The firm had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. As a group, equities research analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

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

Insiders Place Their Bets

In other news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the sale, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction dated 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 completion of 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. 0.23% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently weighed in on OTIS. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a report on Thursday, February 22nd. Melius initiated coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating on the stock. JPMorgan Chase & Co. upped their price objective on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Wells Fargo & Company cut their price objective on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 25th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $100.00 price objective on shares of Otis Worldwide in a research report on Monday, February 5th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $96.86.

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.