Otis Worldwide Co. (NYSE:OTIS) Shares Sold by First Financial Corp IN

First Financial Corp IN cut its stake in Otis Worldwide Co. (NYSE:OTIS) by 11.2% in the first quarter, Holdings Channel reports. The firm owned 1,699 shares of the company’s stock after selling 215 shares during the period. First Financial Corp IN’s holdings in Otis Worldwide were worth $169,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Otis Worldwide by 14.8% during the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after acquiring an additional 5,913,933 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Otis Worldwide by 47.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after buying an additional 2,442,203 shares during the last quarter. Norges Bank acquired a new position in shares of Otis Worldwide in the 4th quarter valued at about $628,855,000. PineStone Asset Management Inc. raised its position in Otis Worldwide by 17.4% during the fourth quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company’s stock valued at $298,721,000 after acquiring an additional 494,460 shares in the last quarter. Finally, Sarasin & Partners LLP lifted its holdings in Otis Worldwide by 11.2% in the first quarter. Sarasin & Partners LLP now owns 3,251,612 shares of the company’s stock valued at $322,788,000 after acquiring an additional 328,539 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of recent analyst reports. Barclays increased their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Wells Fargo & Company lowered their price target 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. Argus boosted their price target on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Melius began coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating on the stock. Finally, JPMorgan Chase & Co. boosted their target price 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. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $99.33.

Otis Worldwide Stock Down 1.2 %

OTIS traded down $1.21 during trading on Tuesday, reaching $95.66. The company’s stock had a trading volume of 1,755,423 shares, compared to its average volume of 2,032,567. The company has a market cap of $38.68 billion, a price-to-earnings ratio of 27.69 and a beta of 1.04. The firm has a fifty day simple moving average of $96.15 and a two-hundred day simple moving average of $93.76. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates 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%. As a group, equities analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 17th were issued a $0.39 dividend. The ex-dividend date was Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.63%. This is a positive change 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 Otis Worldwide stock in a transaction 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 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 Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is owned by 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.