OLD National Bancorp IN Sells 577 Shares of Otis Worldwide Co. (NYSE:OTIS)

OLD National Bancorp IN lowered its stake in Otis Worldwide Co. (NYSE:OTIS) by 17.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,724 shares of the company’s stock after selling 577 shares during the quarter. OLD National Bancorp IN’s holdings in Otis Worldwide were worth $281,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Coldstream Capital Management Inc. raised its stake in shares of Otis Worldwide by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company’s stock worth $249,000 after buying an additional 109 shares during the period. Montis Financial LLC raised its stake in Otis Worldwide by 5.2% during the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock valued at $205,000 after purchasing an additional 110 shares during the period. Thurston Springer Miller Herd & Titak Inc. raised its stake in Otis Worldwide by 15.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company’s stock valued at $85,000 after purchasing an additional 110 shares during the period. AlTi Global Inc. raised its stake in Otis Worldwide by 4.9% during the 4th quarter. AlTi Global Inc. now owns 2,404 shares of the company’s stock valued at $223,000 after purchasing an additional 113 shares during the period. Finally, Dorsey & Whitney Trust CO LLC raised its stake in Otis Worldwide by 1.7% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock valued at $643,000 after purchasing an additional 114 shares during the period. Institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $95.28 on Wednesday. The business’s 50-day simple moving average is $96.00 and its two-hundred day simple moving average is $97.13. The company has a market cap of $37.61 billion, a PE ratio of 23.47 and a beta of 0.98. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $3.41 billion. During the same quarter in the prior year, the business earned $0.88 earnings per share. The company’s revenue was down 2.5% compared to the same quarter last year. As a group, analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a yield of 1.76%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s dividend payout ratio is currently 44.09%.

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.