SouthState Corp Sells 179 Shares of Otis Worldwide Co. (NYSE:OTIS)

SouthState Corp cut its holdings in Otis Worldwide Co. (NYSE:OTIS) by 5.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 3,243 shares of the company’s stock after selling 179 shares during the period. SouthState Corp’s holdings in Otis Worldwide were worth $290,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of OTIS. Cetera Trust Company N.A bought a new position in Otis Worldwide during the 4th quarter worth approximately $27,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Otis Worldwide during the 4th quarter worth $28,000. Orion Capital Management LLC bought a new position in Otis Worldwide during the third quarter worth about $30,000. NBC Securities Inc. acquired a new position in Otis Worldwide in the third quarter valued at about $33,000. Finally, CNB Bank increased its holdings in shares of Otis Worldwide by 81.0% in the third quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after acquiring an additional 192 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction on 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 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was 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 in the company, valued at $17,660,653.77. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction that occurred on 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 sale, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is owned by company insiders.

Otis Worldwide Stock Performance

NYSE OTIS traded up $0.35 during trading hours on Friday, hitting $92.12. 1,788,702 shares of the company traded hands, compared to its average volume of 1,949,805. The business’s 50-day moving average is $96.44 and its 200-day moving average is $89.75. The stock has a market capitalization of $37.25 billion, a price-to-earnings ratio of 26.62 and a beta of 1.03. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.35.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The company 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 $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend is Thursday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio (DPR) is 39.31%.

Wall Street Analyst Weigh In

OTIS has been the subject of several research analyst reports. Wells Fargo & Company decreased their price objective on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. JPMorgan Chase & Co. raised their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a research note on Thursday, February 22nd. Melius began coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating on the stock. Finally, Barclays upped their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $96.86.

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.