Institute for Wealth Management LLC. cut its stake in Otis Worldwide Co. (NYSE:OTIS) by 22.0% in the first quarter, HoldingsChannel reports. The firm owned 3,033 shares of the company’s stock after selling 857 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Otis Worldwide were worth $208,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Fiera Capital Corp grew its holdings in Otis Worldwide by 7.0% during the 4th quarter. Fiera Capital Corp now owns 10,730,362 shares of the company’s stock worth $724,835,000 after acquiring an additional 706,092 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Otis Worldwide by 0.5% during the fourth quarter. Bank of New York Mellon Corp now owns 9,079,553 shares of the company’s stock worth $613,323,000 after purchasing an additional 42,415 shares in the last quarter. Alliancebernstein L.P. increased its holdings in Otis Worldwide by 5.2% in the fourth quarter. Alliancebernstein L.P. now owns 6,896,097 shares of the company’s stock valued at $465,831,000 after buying an additional 341,131 shares during the last quarter. Credit Suisse AG increased its holdings in Otis Worldwide by 1.1% in the fourth quarter. Credit Suisse AG now owns 6,772,730 shares of the company’s stock valued at $457,499,000 after buying an additional 72,720 shares during the last quarter. Finally, Norges Bank acquired a new stake in Otis Worldwide in the fourth quarter valued at $392,029,000. 83.76% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have recently commented on OTIS shares. HSBC upgraded Otis Worldwide from a “reduce” rating to a “hold” rating and set a $65.00 price objective on the stock in a report on Monday, March 29th. Berenberg Bank began coverage on shares of Otis Worldwide in a report on Monday, March 22nd. They set a “buy” rating and a $85.00 price objective on the stock. Barclays boosted their price objective on shares of Otis Worldwide from $66.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 27th. Credit Suisse Group increased their target price on shares of Otis Worldwide from $72.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, May 3rd. Finally, Cowen boosted their price target on shares of Otis Worldwide from $75.00 to $77.00 in a research report on Wednesday, March 3rd. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $76.25.
Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Sunday, April 25th. The company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.09. The business had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.16 billion. The business’s revenue was up 14.9% compared to the same quarter last year. On average, equities research analysts forecast that Otis Worldwide Co. will post 2.45 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 10th. Shareholders of record on Friday, May 21st will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, May 20th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.20. This represents a $0.96 annualized dividend and a yield of 1.22%.
In other Otis Worldwide news, insider Peiming Zheng sold 15,234 shares of the stock in a transaction that occurred on Wednesday, April 28th. The stock was sold at an average price of $78.67, for a total transaction of $1,198,458.78. Following the completion of the sale, the insider now directly owns 19,022 shares of the company’s stock, valued at approximately $1,496,460.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Otis Worldwide Company Profile
Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. The company operates through 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.
See Also: Accumulation/Distribution
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