CENTRAL TRUST Co Sells 255 Shares of Otis Worldwide Co. (NYSE:OTIS)

CENTRAL TRUST Co reduced its holdings in Otis Worldwide Co. (NYSE:OTIS) by 3.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,558 shares of the company’s stock after selling 255 shares during the quarter. CENTRAL TRUST Co’s holdings in Otis Worldwide were worth $750,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Panagora Asset Management Inc. grew its stake in Otis Worldwide by 23.7% in the third quarter. Panagora Asset Management Inc. now owns 10,205 shares of the company’s stock valued at $820,000 after acquiring an additional 1,955 shares during the period. California Public Employees Retirement System grew its stake in Otis Worldwide by 5.1% in the third quarter. California Public Employees Retirement System now owns 791,113 shares of the company’s stock valued at $63,534,000 after acquiring an additional 38,288 shares during the period. Tokio Marine Asset Management Co. Ltd. grew its stake in Otis Worldwide by 4.1% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 7,472 shares of the company’s stock valued at $600,000 after acquiring an additional 291 shares during the period. CNB Bank grew its stake in Otis Worldwide by 81.0% in the third quarter. CNB Bank now owns 429 shares of the company’s stock valued at $34,000 after acquiring an additional 192 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in Otis Worldwide by 14.2% in the third quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 13,353 shares of the company’s stock valued at $1,072,000 after acquiring an additional 1,664 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Performance

Otis Worldwide stock traded down $1.57 during mid-day trading on Thursday, reaching $97.13. The company’s stock had a trading volume of 2,433,396 shares, compared to its average volume of 2,007,258. The company has a market capitalization of $39.27 billion, a P/E ratio of 28.53 and a beta of 1.03. The firm’s fifty day moving average price is $96.60 and its two-hundred day moving average price is $91.55. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.35.

Otis Worldwide (NYSE:OTIS) last posted 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. The firm had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. On average, research analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business 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 dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.61%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction on Tuesday, May 7th. The stock was 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 owns 15,570 shares in the company, valued at $1,458,753.30. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the topic of several analyst reports. Argus lifted 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. Melius assumed coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating for the company. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. JPMorgan Chase & Co. lifted their target price 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. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $100.00 target price on shares of Otis Worldwide in a report on Monday, February 5th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average price target of $97.71.

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.