Otis Worldwide Co. (NYSE:OTIS) Shares Sold by SeaCrest Wealth Management LLC

SeaCrest Wealth Management LLC decreased its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.3% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 2,578 shares of the company’s stock after selling 202 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in Otis Worldwide were worth $266,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the company. Procyon Advisors LLC grew its position in Otis Worldwide by 293.4% during the 1st quarter. Procyon Advisors LLC now owns 8,528 shares of the company’s stock worth $880,000 after purchasing an additional 6,360 shares during the last quarter. Curat Global LLC acquired a new stake in shares of Otis Worldwide during the first quarter worth about $61,000. Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of Otis Worldwide by 15.3% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company’s stock worth $85,000 after buying an additional 110 shares during the period. Selway Asset Management grew its holdings in shares of Otis Worldwide by 1.0% during the first quarter. Selway Asset Management now owns 20,221 shares of the company’s stock worth $2,087,000 after buying an additional 200 shares during the last quarter. Finally, Merit Financial Group LLC increased its position in Otis Worldwide by 51.6% in the 1st quarter. Merit Financial Group LLC now owns 16,355 shares of the company’s stock valued at $1,688,000 after acquiring an additional 5,565 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

OTIS has been the subject of a number of recent research reports. Barclays decreased their price objective on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research report on Friday, April 25th. JPMorgan Chase & Co. increased their price target on Otis Worldwide from $88.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, May 16th. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 24th. Finally, Royal Bank of Canada cut their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, April 28th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and an average target price of $100.71.

Otis Worldwide Price Performance

OTIS opened at $96.04 on Monday. Otis Worldwide Co. has a 12 month low of $89.70 and a 12 month high of $106.83. The stock has a market capitalization of $37.90 billion, a P/E ratio of 23.66 and a beta of 0.98. The business has a 50 day simple moving average of $96.35 and a 200-day simple moving average of $97.19.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The firm had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $3.41 billion. During the same quarter in the prior year, the business posted $0.88 earnings per share. Otis Worldwide’s revenue was down 2.5% compared to the same quarter last year. Research analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were paid a dividend of $0.42 per share. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.68 annualized dividend and a dividend yield of 1.75%. Otis Worldwide’s payout ratio is 44.09%.

About Otis Worldwide

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.