Ingalls & Snyder LLC Sells 23,207 Shares of Otis Worldwide Co. (NYSE:OTIS)

Ingalls & Snyder LLC lowered its stake in Otis Worldwide Co. (NYSE:OTIS) by 80.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,633 shares of the company’s stock after selling 23,207 shares during the period. Ingalls & Snyder LLC’s holdings in Otis Worldwide were worth $504,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at $28,000. Orion Capital Management LLC acquired a new position in shares of Otis Worldwide during the 3rd quarter worth about $30,000. Janiczek Wealth Management LLC grew its position in shares of Otis Worldwide by 141.1% during the 3rd quarter. Janiczek Wealth Management LLC now owns 381 shares of the company’s stock worth $31,000 after buying an additional 223 shares during the period. NBC Securities Inc. bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at about $33,000. Finally, Resurgent Financial Advisors LLC bought a new stake in Otis Worldwide in the fourth quarter valued at approximately $33,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on OTIS shares. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a report on Thursday, February 22nd. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, February 1st. Melius started coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating for the company. UBS Group lifted their price target on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Finally, Vertical Research downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $94.29.

Otis Worldwide Trading Down 1.8 %

Shares of NYSE OTIS opened at $96.16 on Friday. The company has a market cap of $38.87 billion, a price-to-earnings ratio of 28.37 and a beta of 1.01. The stock has a 50-day moving average price of $95.69 and a two-hundred day moving average price of $88.35. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.35.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.85 by $0.02. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. The firm had revenue of $3.62 billion for the quarter, compared to the consensus estimate of $3.57 billion. During the same period in the previous year, the business earned $0.75 EPS. On average, sell-side analysts predict that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were given a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 1.41%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide’s payout ratio is currently 40.12%.

Insider Activity at Otis Worldwide

In other news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now owns 67,274 shares in the company, valued at $6,128,661.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by insiders.

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.