Welch & Forbes LLC Sells 3,785 Shares of Otis Worldwide Co. (NYSE:OTIS)

Welch & Forbes LLC cut its holdings in Otis Worldwide Co. (NYSE:OTIS) by 1.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 302,034 shares of the company’s stock after selling 3,785 shares during the period. Welch & Forbes LLC owned 0.07% of Otis Worldwide worth $27,023,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Cetera Trust Company N.A bought a new position in shares of Otis Worldwide in the fourth quarter valued at approximately $27,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Otis Worldwide in the 4th quarter worth approximately $28,000. Orion Capital Management LLC bought a new position in Otis Worldwide in the 3rd quarter valued at $30,000. NBC Securities Inc. purchased a new position in shares of Otis Worldwide during the 3rd quarter valued at $33,000. Finally, CNB Bank increased its holdings in shares of Otis Worldwide by 81.0% in the third quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after purchasing an additional 192 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Otis Worldwide

In related news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction 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 in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction 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 owns 67,274 shares in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Up 1.1 %

Shares of OTIS traded up $0.97 during mid-day trading on Monday, reaching $93.09. The company’s stock had a trading volume of 1,301,584 shares, compared to its average volume of 2,019,861. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.35. The company’s fifty day moving average price is $96.44 and its two-hundred day moving average price is $89.89. The stock has a market cap of $37.64 billion, a PE ratio of 26.90 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.44 billion. Research analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be paid a $0.39 dividend. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date of this dividend is Thursday, May 16th. Otis Worldwide’s payout ratio is 39.31%.

Analysts Set New Price Targets

Several research firms recently commented on OTIS. Wells Fargo & Company reduced their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. JPMorgan Chase & Co. upped their price objective 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. Barclays lifted their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Melius began coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating for the company. Finally, Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research report on Thursday, February 22nd. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average target price of $96.86.

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.