Radnor Capital Management LLC Invests $201,000 in Otis Worldwide Co. (NYSE:OTIS)

Radnor Capital Management LLC acquired a new position in Otis Worldwide Co. (NYSE:OTIS) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,259 shares of the company’s stock, valued at approximately $201,000.

Other hedge funds have also recently made changes to their positions in the company. Northwest Bancshares Inc. raised its holdings in Otis Worldwide by 3.5% during the 4th quarter. Northwest Bancshares Inc. now owns 3,923 shares of the company’s stock valued at $307,000 after buying an additional 132 shares during the last quarter. TFC Financial Management Inc. raised its holdings in Otis Worldwide by 34.4% during the 1st quarter. TFC Financial Management Inc. now owns 520 shares of the company’s stock valued at $44,000 after buying an additional 133 shares during the last quarter. Optas LLC raised its holdings in Otis Worldwide by 1.9% during the 1st quarter. Optas LLC now owns 7,255 shares of the company’s stock valued at $612,000 after buying an additional 137 shares during the last quarter. FineMark National Bank & Trust raised its holdings in Otis Worldwide by 1.7% during the 1st quarter. FineMark National Bank & Trust now owns 8,477 shares of the company’s stock valued at $715,000 after buying an additional 142 shares during the last quarter. Finally, Belpointe Asset Management LLC raised its holdings in Otis Worldwide by 5.2% during the 1st quarter. Belpointe Asset Management LLC now owns 2,857 shares of the company’s stock valued at $241,000 after buying an additional 142 shares during the last quarter. 85.48% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Otis Worldwide

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

Otis Worldwide Price Performance

OTIS stock traded down $0.23 during trading on Friday, hitting $81.45. 841,076 shares of the stock traded hands, compared to its average volume of 1,824,612. Otis Worldwide Co. has a 1 year low of $62.49 and a 1 year high of $91.33. The firm’s 50 day moving average is $86.46 and its two-hundred day moving average is $84.88. The stock has a market cap of $33.54 billion, a price-to-earnings ratio of 25.68 and a beta of 0.97.

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

Otis Worldwide Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Barclays lowered their price target on shares of Otis Worldwide from $80.00 to $76.00 in a report on Thursday, September 7th. TheStreet upgraded shares of Otis Worldwide from a “c+” rating to a “b” rating in a report on Wednesday, July 26th. Royal Bank of Canada upped their price objective on shares of Otis Worldwide from $96.00 to $100.00 in a report on Friday, July 28th. HSBC upped their price objective on shares of Otis Worldwide from $81.00 to $88.00 in a report on Friday, June 23rd. Finally, Wells Fargo & Company upped their price objective on shares of Otis Worldwide from $88.00 to $90.00 in a report on Monday, July 10th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average target price of $87.86.

About Otis Worldwide

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.