First City Capital Management Inc. Sells 150 Shares of Otis Worldwide Co. (NYSE:OTIS)

First City Capital Management Inc. trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,250 shares of the company’s stock after selling 150 shares during the period. First City Capital Management Inc.’s holdings in Otis Worldwide were worth $208,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Riverview Trust Co bought a new stake in shares of Otis Worldwide during the 3rd quarter valued at about $25,000. Meeder Asset Management Inc. grew its holdings in shares of Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after purchasing an additional 196 shares in the last quarter. Cranbrook Wealth Management LLC increased its position in shares of Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares during the last quarter. Northwest Investment Counselors LLC bought a new position in Otis Worldwide during the 3rd quarter worth approximately $28,000. Finally, Ashton Thomas Securities LLC purchased a new position in shares of Otis Worldwide in the third quarter valued at about $29,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have commented on OTIS. Barclays lowered shares of Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price objective for the company. in a report on Thursday, December 5th. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Morgan Stanley began coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Finally, Wells Fargo & Company lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $104.50.

Otis Worldwide Price Performance

NYSE OTIS traded up $0.75 during trading on Friday, hitting $92.99. The company’s stock had a trading volume of 625,688 shares, compared to its average volume of 943,399. The company has a market cap of $37.15 billion, a PE ratio of 23.19 and a beta of 1.04. The business’s 50 day simple moving average is $98.54 and its 200-day simple moving average is $97.58. Otis Worldwide Co. has a fifty-two week low of $85.42 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. Otis Worldwide’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the prior year, the business posted $0.95 earnings per share. Analysts expect that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were issued a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.68%. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.23% of the company’s stock.

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.