Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Independence Bank of Kentucky

Independence Bank of Kentucky lifted its stake in shares of Otis Worldwide Co. (NYSE:OTISFree Report) by 63.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 901 shares of the company’s stock after buying an additional 350 shares during the period. Independence Bank of Kentucky’s holdings in Otis Worldwide were worth $81,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. American Century Companies Inc. lifted its position in Otis Worldwide by 8.6% during the first quarter. American Century Companies Inc. now owns 7,817 shares of the company’s stock valued at $601,000 after purchasing an additional 620 shares during the period. Cibc World Market Inc. lifted its position in Otis Worldwide by 3.0% during the first quarter. Cibc World Market Inc. now owns 11,669 shares of the company’s stock valued at $898,000 after purchasing an additional 338 shares during the period. Moors & Cabot Inc. lifted its position in Otis Worldwide by 7.7% during the first quarter. Moors & Cabot Inc. now owns 6,574 shares of the company’s stock valued at $506,000 after purchasing an additional 469 shares during the period. Sequoia Financial Advisors LLC lifted its position in Otis Worldwide by 25.3% during the first quarter. Sequoia Financial Advisors LLC now owns 3,536 shares of the company’s stock valued at $272,000 after purchasing an additional 715 shares during the period. Finally, Brighton Jones LLC lifted its position in Otis Worldwide by 5.0% during the first quarter. Brighton Jones LLC now owns 3,876 shares of the company’s stock valued at $298,000 after purchasing an additional 183 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Otis Worldwide

In other news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the sale, the chief executive officer now owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.11% of the stock is owned by corporate insiders.

Otis Worldwide Trading Up 0.5 %

Shares of NYSE OTIS opened at $98.25 on Thursday. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.35. The stock has a market cap of $39.84 billion, a PE ratio of 28.98 and a beta of 1.01. The company has a 50-day moving average of $94.53 and a 200 day moving average of $87.54.

Otis Worldwide (NYSE:OTISGet Free Report) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.02. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. The company had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.57 billion. During the same quarter in the prior year, the company earned $0.75 EPS. On average, sell-side analysts forecast that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.36 annualized dividend and a yield of 1.38%. Otis Worldwide’s dividend payout ratio is presently 40.12%.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of research reports. Melius initiated coverage on shares of Otis Worldwide in a research report on Tuesday. They set a “hold” rating for the company. Barclays upped their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Vertical Research downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. UBS Group upped their price objective on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $94.29.

Read Our Latest Analysis on Otis Worldwide

Otis Worldwide Company Profile

(Free Report)

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.

See Also

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

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