Kestra Private Wealth Services LLC cut its position in shares of Otis Worldwide Co. (NYSE:OTIS – Get 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
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:OTIS – Get 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
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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