Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Parkside Financial Bank & Trust

Parkside Financial Bank & Trust raised its holdings in Otis Worldwide Co. (NYSE:OTIS) by 19.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 943 shares of the company’s stock after purchasing an additional 151 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Otis Worldwide were worth $84,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. Cetera Trust Company N.A purchased a new stake in Otis Worldwide in the fourth quarter valued at $27,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Otis Worldwide in the 4th quarter valued at $28,000. Orion Capital Management LLC purchased a new stake in shares of Otis Worldwide in the 3rd quarter valued at $30,000. NBC Securities Inc. purchased a new stake in shares of Otis Worldwide in the 3rd quarter valued at $33,000. Finally, CNB Bank raised its holdings in shares of Otis Worldwide by 81.0% in the 3rd quarter. CNB Bank now owns 429 shares of the company’s stock valued at $34,000 after buying an additional 192 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the topic of several research analyst reports. Barclays boosted their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. JPMorgan Chase & Co. boosted their price objective on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday. UBS Group boosted their price objective on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Melius assumed coverage on Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Finally, Vertical Research cut Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $96.86.

Otis Worldwide Price Performance

OTIS opened at $93.02 on Friday. The business has a fifty day moving average price of $96.42 and a 200 day moving average price of $89.27. The stock has a market capitalization of $37.60 billion, a price-to-earnings ratio of 26.88 and a beta of 1.01. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.35.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.01. The business had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. On average, research analysts anticipate that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be given a dividend of $0.39 per share. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a dividend yield of 1.68%. The ex-dividend date is Thursday, May 16th. Otis Worldwide’s dividend payout ratio is currently 39.31%.

Insider Transactions at Otis Worldwide

In other news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was 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 SEC, which is available at this hyperlink. In related news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was 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 directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were 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. Insiders own 0.23% of the company’s stock.

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.