OLD National Bancorp IN Sells 803 Shares of Otis Worldwide Co. (NYSE:OTIS)

OLD National Bancorp IN reduced its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 14.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,913 shares of the company’s stock after selling 803 shares during the quarter. OLD National Bancorp IN’s holdings in Otis Worldwide were worth $440,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in OTIS. AE Wealth Management LLC boosted its holdings in shares of Otis Worldwide by 15.4% in the 3rd quarter. AE Wealth Management LLC now owns 11,078 shares of the company’s stock valued at $890,000 after buying an additional 1,476 shares during the last quarter. Global Retirement Partners LLC lifted its holdings in Otis Worldwide by 23.4% during the 3rd quarter. Global Retirement Partners LLC now owns 1,174 shares of the company’s stock valued at $94,000 after purchasing an additional 223 shares during the last quarter. Park Place Capital Corp lifted its holdings in Otis Worldwide by 88.2% during the 3rd quarter. Park Place Capital Corp now owns 2,046 shares of the company’s stock valued at $164,000 after purchasing an additional 959 shares during the last quarter. Avior Wealth Management LLC lifted its holdings in Otis Worldwide by 42.3% during the 3rd quarter. Avior Wealth Management LLC now owns 481 shares of the company’s stock valued at $39,000 after purchasing an additional 143 shares during the last quarter. Finally, Founders Financial Securities LLC acquired a new stake in Otis Worldwide during the 3rd quarter valued at $215,000. 88.03% of the stock is owned by institutional investors.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was 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 owns 67,274 shares in the company, valued at $6,128,661.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on OTIS. UBS Group raised their price target on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research report on Thursday, February 22nd. Melius initiated coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Finally, Barclays lifted their price target on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $95.00.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $93.37 on Thursday. The stock’s 50 day moving average is $96.41 and its 200 day moving average is $89.24. The firm has a market cap of $37.74 billion, a P/E ratio of 27.54 and a beta of 1.01. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.35.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. The firm had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. Equities analysts anticipate that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 1.46%. The ex-dividend date was Thursday, February 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 40.12%.

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.