Curbstone Financial Management Corp Sells 200 Shares of Otis Worldwide Co. (NYSE:OTIS)

Curbstone Financial Management Corp lessened its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 6,768 shares of the company’s stock after selling 200 shares during the period. Curbstone Financial Management Corp’s holdings in Otis Worldwide were worth $602,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of OTIS. Victory Capital Management Inc. boosted its holdings in Otis Worldwide by 5.4% in the 4th quarter. Victory Capital Management Inc. now owns 368,725 shares of the company’s stock worth $30,320,000 after buying an additional 18,825 shares during the period. Vestmark Advisory Solutions Inc. boosted its position in shares of Otis Worldwide by 2.7% during the 1st quarter. Vestmark Advisory Solutions Inc. now owns 6,389 shares of the company’s stock valued at $539,000 after acquiring an additional 170 shares during the last quarter. Bailard Inc. bought a new position in shares of Otis Worldwide during the 1st quarter valued at approximately $211,000. Mitsubishi UFJ Trust & Banking Corp lifted its position in Otis Worldwide by 3.6% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 309,443 shares of the company’s stock valued at $26,117,000 after purchasing an additional 10,845 shares during the last quarter. Finally, Patton Fund Management Inc. purchased a new position in shares of Otis Worldwide in the 4th quarter worth $200,000. Hedge funds and other institutional investors own 85.48% of the company’s stock.

Otis Worldwide Trading Up 0.3 %

NYSE OTIS traded up $0.27 on Thursday, hitting $81.56. 168,015 shares of the company’s stock traded hands, compared to its average volume of 1,823,300. The firm’s 50-day moving average price is $86.55 and its two-hundred day moving average price is $84.90. Otis Worldwide Co. has a 1-year low of $62.49 and a 1-year high of $91.33. The firm has a market capitalization of $33.58 billion, a PE ratio of 25.85 and a beta of 0.97.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 26th. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.06. The company had revenue of $3.72 billion during the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 28.62% and a net margin of 9.59%. Otis Worldwide’s quarterly revenue was up 6.7% on a year-over-year basis. During the same period last year, the business earned $0.86 earnings per share. On average, research analysts anticipate that Otis Worldwide Co. will post 3.47 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 8th. Stockholders of record on Friday, August 18th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date was Thursday, August 17th. Otis Worldwide’s dividend payout ratio (DPR) is presently 42.90%.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of research analyst reports. Wells Fargo & Company upped their target price on shares of Otis Worldwide from $88.00 to $90.00 in a research note on Monday, July 10th. HSBC raised their price objective on Otis Worldwide from $81.00 to $88.00 in a report on Friday, June 23rd. TheStreet raised Otis Worldwide from a “c+” rating to a “b” rating in a research report on Wednesday, July 26th. Royal Bank of Canada lifted their price objective on Otis Worldwide from $96.00 to $100.00 in a report on Friday, July 28th. Finally, Barclays dropped their target price on shares of Otis Worldwide from $80.00 to $76.00 in a report on Thursday, September 7th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $87.86.

Insider Transactions at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 6,372 shares of the business’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $90.50, for a total value of $576,666.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Michael Patrick Ryan sold 6,372 shares of Otis Worldwide stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $90.50, for a total value of $576,666.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Fernandez Bernardo Calleja sold 3,992 shares of the stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $90.70, for a total value of $362,074.40. Following the transaction, the insider now directly owns 42,097 shares of the company’s stock, valued at approximately $3,818,197.90. The disclosure for this sale can be found here. Corporate insiders own 0.11% of the company’s stock.

Otis Worldwide Profile

Otis Worldwide Corporation engages in the 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.