Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Commerce Bank

Commerce Bank trimmed its holdings in Otis Worldwide Co. (NYSE:OTIS) by 4.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 100,127 shares of the company’s stock after selling 4,183 shares during the period. Commerce Bank’s holdings in Otis Worldwide were worth $8,958,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Cetera Trust Company N.A acquired a new stake in Otis Worldwide during the fourth quarter worth about $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in Otis Worldwide in the fourth quarter valued at approximately $28,000. Orion Capital Management LLC acquired a new position in Otis Worldwide during the third quarter valued at approximately $30,000. NBC Securities Inc. purchased a new stake in Otis Worldwide during the third quarter worth approximately $33,000. Finally, Pacific Capital Wealth Advisors Inc. purchased a new position in shares of Otis Worldwide in the 4th quarter valued at $35,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.5 %

Shares of OTIS traded up $0.44 during trading hours on Friday, reaching $97.57. The company’s stock had a trading volume of 1,345,696 shares, compared to its average volume of 1,904,175. The firm has a market cap of $39.45 billion, a price-to-earnings ratio of 28.20 and a beta of 1.03. The company has a 50 day moving average of $96.55 and a two-hundred day moving average of $91.71. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.35.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) 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, analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.60%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. Otis Worldwide’s payout ratio is currently 45.09%.

Insider Transactions at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of the business’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 completion of the sale, the executive vice president now directly owns 15,570 shares in the company, valued at approximately $1,458,753.30. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.23% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. Wells Fargo & Company dropped their target price 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. UBS Group raised their price objective on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Argus upped their target price on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Finally, JPMorgan Chase & Co. raised their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $97.71.

Otis Worldwide 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.