Kestra Private Wealth Services LLC Cuts Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Kestra Private Wealth Services LLC cut its position in shares of Otis Worldwide Co. (NYSE:OTISGet Rating) by 4.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,463 shares of the company’s stock after selling 257 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Otis Worldwide were worth $420,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Norges Bank bought a new position in Otis Worldwide during the fourth quarter valued at about $335,180,000. Viking Global Investors LP purchased a new position in Otis Worldwide in the first quarter valued at approximately $272,262,000. Wellington Management Group LLP grew its holdings in Otis Worldwide by 54.3% during the first quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock valued at $324,857,000 after purchasing an additional 1,484,963 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Otis Worldwide by 66.9% in the first quarter. Goldman Sachs Group Inc. now owns 3,453,735 shares of the company’s stock valued at $265,764,000 after buying an additional 1,384,353 shares during the period. Finally, Lazard Freres Gestion S.A.S. bought a new position in shares of Otis Worldwide during the 1st quarter worth $99,844,000. Institutional investors own 83.16% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Nora E. Lafreniere sold 13,576 shares of Otis Worldwide stock in a transaction on Friday, July 29th. The shares were sold at an average price of $76.54, for a total value of $1,039,107.04. Following the sale, the executive vice president now owns 12,376 shares in the company, valued at $947,259.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, EVP Nora E. Lafreniere sold 13,576 shares of the stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $76.54, for a total value of $1,039,107.04. Following the completion of the transaction, the executive vice president now owns 12,376 shares of the company’s stock, valued at approximately $947,259.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Rahul Ghai sold 2,618 shares of the company’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $78.55, for a total value of $205,643.90. Following the completion of the sale, the chief financial officer now directly owns 7,063 shares in the company, valued at $554,798.65. The disclosure for this sale can be found here. Company insiders own 0.11% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on OTIS shares. JPMorgan Chase & Co. lowered shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $100.00 to $62.00 in a research report on Thursday, July 7th. Exane BNP Paribas lowered Otis Worldwide from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $95.00 to $80.00 in a research note on Tuesday, July 5th. Barclays reduced their target price on Otis Worldwide from $82.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, July 8th. Berenberg Bank reduced their price objective on shares of Otis Worldwide from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, June 22nd. Finally, Credit Suisse Group increased their target price on shares of Otis Worldwide from $79.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $77.40.

Otis Worldwide Trading Up 0.7 %

OTIS opened at $68.25 on Tuesday. The company has a market cap of $28.68 billion, a P/E ratio of 23.45 and a beta of 0.91. Otis Worldwide Co. has a 12 month low of $66.97 and a 12 month high of $88.22. The business’s 50-day moving average price is $74.80 and its 200-day moving average price is $74.23.

Otis Worldwide (NYSE:OTISGet Rating) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.08. Otis Worldwide had a negative return on equity of 32.91% and a net margin of 8.83%. The firm had revenue of $3.49 billion during the quarter, compared to analyst estimates of $3.56 billion. During the same quarter in the prior year, the firm posted $0.79 earnings per share. The business’s quarterly revenue was down 5.8% compared to the same quarter last year. Equities research analysts forecast that Otis Worldwide Co. will post 3.2 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Saturday, September 10th. Shareholders of record on Friday, August 19th were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend was Thursday, August 18th. Otis Worldwide’s payout ratio is 39.86%.

Otis Worldwide Company Profile

(Get Rating)

Otis Worldwide Corporation manufactures, installs, and services 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.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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