HBK Sorce Advisory LLC Sells 297 Shares of Otis Worldwide Co. (NYSE:OTIS)

HBK Sorce Advisory LLC cut its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,756 shares of the company’s stock after selling 297 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Otis Worldwide were worth $336,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in OTIS. Norges Bank purchased a new position in Otis Worldwide during the fourth quarter worth about $370,013,000. Alliancebernstein L.P. boosted its stake in Otis Worldwide by 32.5% in the second quarter. Alliancebernstein L.P. now owns 12,239,672 shares of the company’s stock valued at $1,089,453,000 after acquiring an additional 2,999,494 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Otis Worldwide by 47.9% in the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after acquiring an additional 2,442,203 shares during the last quarter. PineStone Asset Management Inc. boosted its stake in Otis Worldwide by 300.6% in the third quarter. PineStone Asset Management Inc. now owns 2,844,325 shares of the company’s stock valued at $228,428,000 after acquiring an additional 2,134,289 shares during the last quarter. Finally, Wellington Management Group LLP lifted its stake in shares of Otis Worldwide by 54.3% during the 1st quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock valued at $324,857,000 after buying an additional 1,484,963 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Otis Worldwide

In related news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction on Wednesday, February 21st. The shares were 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 of the company’s stock, valued at approximately $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 stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the sale, the chief executive officer now directly 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. 0.15% of the stock is owned by insiders.

Otis Worldwide Trading Down 1.8 %

Otis Worldwide stock opened at $97.30 on Thursday. The firm’s 50 day simple moving average is $95.42 and its 200 day simple moving average is $88.12. The firm has a market capitalization of $39.33 billion, a PE ratio of 28.70 and a beta of 1.01. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.35.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. The firm had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.57 billion. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. During the same quarter in the prior year, the firm earned $0.75 EPS. Research analysts forecast that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date was Thursday, February 15th. Otis Worldwide’s payout ratio is 40.12%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Royal Bank of Canada restated an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a research note on Monday, February 5th. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research note on Thursday, February 22nd. Vertical Research cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 1st. Finally, Melius assumed coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating on the stock. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $94.29.

Otis Worldwide Company 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.