Delta Asset Management LLC TN Decreases Stake in Otis Worldwide Co. (NYSE:OTIS)

Delta Asset Management LLC TN cut its stake in shares of Otis Worldwide Co. (NYSE:OTISFree Report) by 1.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 73,148 shares of the company’s stock after selling 1,254 shares during the quarter. Delta Asset Management LLC TN’s holdings in Otis Worldwide were worth $6,545,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Cetera Trust Company N.A acquired a new stake in shares of Otis Worldwide in the fourth quarter worth $27,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Otis Worldwide in the fourth quarter valued at $28,000. Orion Capital Management LLC purchased a new position in shares of Otis Worldwide during the 3rd quarter valued at about $30,000. Pacific Capital Wealth Advisors Inc. acquired a new position in shares of Otis Worldwide in the 4th quarter valued at about $35,000. Finally, NBC Securities Inc. purchased a new stake in shares of Otis Worldwide in the third quarter worth about $33,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Trading Up 0.6 %

OTIS traded up $0.55 during mid-day trading on Wednesday, hitting $98.70. 2,098,079 shares of the stock were exchanged, compared to its average volume of 2,002,859. The firm’s fifty day moving average is $96.59 and its two-hundred day moving average is $91.50. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.35. The company has a market cap of $39.91 billion, a PE ratio of 28.37 and a beta of 1.03.

Otis Worldwide (NYSE:OTISGet Free Report) last posted 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 net margin of 9.99% and a negative return on equity of 31.02%. The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.44 billion. As a group, research analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 dividend on an annualized basis and a yield of 1.58%. Otis Worldwide’s dividend payout ratio (DPR) is 45.09%.

Insider Buying and Selling

In related news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the sale, the executive vice president now owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

OTIS has been the subject of several recent research reports. Melius began coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating for the company. JPMorgan Chase & Co. boosted their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. UBS Group raised their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Argus raised their target price on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Finally, Wells Fargo & Company reduced their price target on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a report on Thursday, April 25th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $97.71.

View Our Latest Report on OTIS

About Otis Worldwide

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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