First Western Trust Bank Sells 125 Shares of Otis Worldwide Co. (NYSE:OTIS)

First Western Trust Bank lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,775 shares of the company’s stock after selling 125 shares during the period. First Western Trust Bank’s holdings in Otis Worldwide were worth $363,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. National Bank of Canada FI increased its stake in shares of Otis Worldwide by 14.7% in the 2nd quarter. National Bank of Canada FI now owns 190,895 shares of the company’s stock valued at $18,113,000 after acquiring an additional 24,485 shares in the last quarter. TD Asset Management Inc grew its holdings in Otis Worldwide by 3.3% in the second quarter. TD Asset Management Inc now owns 167,156 shares of the company’s stock worth $16,090,000 after purchasing an additional 5,327 shares during the period. Carmichael Hill & Associates Inc. increased its stake in Otis Worldwide by 24.8% in the second quarter. Carmichael Hill & Associates Inc. now owns 2,255 shares of the company’s stock valued at $217,000 after purchasing an additional 448 shares in the last quarter. Larson Financial Group LLC raised its holdings in shares of Otis Worldwide by 7.4% during the second quarter. Larson Financial Group LLC now owns 4,165 shares of the company’s stock valued at $401,000 after purchasing an additional 288 shares during the period. Finally, TIAA Trust National Association boosted its position in shares of Otis Worldwide by 2.0% during the 2nd quarter. TIAA Trust National Association now owns 149,335 shares of the company’s stock worth $14,375,000 after purchasing an additional 2,968 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on OTIS. Argus boosted 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. Wells Fargo & Company decreased their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $98.83.

Otis Worldwide Stock Performance

OTIS stock opened at $92.44 on Friday. The company has a market capitalization of $37.37 billion, a P/E ratio of 26.72 and a beta of 1.03. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.84. The business has a 50-day simple moving average of $94.94 and a two-hundred day simple moving average of $95.91.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.03. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. Otis Worldwide’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.92 earnings per share. As a group, sell-side analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. Otis Worldwide’s dividend payout ratio is currently 45.09%.

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.