First Western Trust Bank Trims Holdings in Otis Worldwide Co. (NYSE:OTIS)

First Western Trust Bank reduced its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,937 shares of the company’s stock after selling 150 shares during the quarter. First Western Trust Bank’s holdings in Otis Worldwide were worth $352,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Selway Asset Management raised its holdings in shares of Otis Worldwide by 3.1% in the 4th quarter. Selway Asset Management now owns 17,796 shares of the company’s stock valued at $1,592,000 after purchasing an additional 541 shares in the last quarter. Nichols & Pratt Advisers LLP MA purchased a new position in Otis Worldwide in the fourth quarter valued at about $207,000. National Pension Service raised its holdings in Otis Worldwide by 3.2% in the fourth quarter. National Pension Service now owns 1,052,750 shares of the company’s stock worth $94,190,000 after purchasing an additional 32,445 shares in the last quarter. Pacific Capital Wealth Advisors Inc. purchased a new stake in shares of Otis Worldwide during the fourth quarter valued at about $35,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Otis Worldwide by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,173,904 shares of the company’s stock valued at $194,499,000 after buying an additional 41,361 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Price Performance

NYSE:OTIS traded up $1.64 during midday trading on Thursday, hitting $96.16. The company’s stock had a trading volume of 1,800,342 shares, compared to its average volume of 2,009,988. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35. The firm’s 50 day moving average is $96.42 and its 200-day moving average is $90.14. The firm has a market cap of $38.88 billion, a P/E ratio of 27.79 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its earnings results 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. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The firm had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. As a group, analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be paid a $0.39 dividend. 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. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.62%. Otis Worldwide’s dividend payout ratio is presently 39.31%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the sale, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction 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 disclosure for this sale can be found here. 0.23% of the stock is owned by corporate insiders.

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.