Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Salem Investment Counselors Inc.

Salem Investment Counselors Inc. trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,926 shares of the company’s stock after selling 264 shares during the period. Salem Investment Counselors Inc.’s holdings in Otis Worldwide were worth $827,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Riverview Trust Co acquired a new position in Otis Worldwide during the 3rd quarter valued at about $25,000. Meeder Asset Management Inc. increased its stake in shares of Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after acquiring an additional 196 shares during the period. Northwest Investment Counselors LLC bought a new stake in Otis Worldwide during the third quarter worth approximately $28,000. Ashton Thomas Securities LLC acquired a new stake in Otis Worldwide in the third quarter worth approximately $29,000. Finally, Cranbrook Wealth Management LLC boosted its stake in Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Up 0.1 %

Shares of Otis Worldwide stock opened at $90.89 on Tuesday. Otis Worldwide Co. has a 1 year low of $85.42 and a 1 year high of $106.33. The company has a market cap of $36.31 billion, a P/E ratio of 22.67 and a beta of 1.06. The stock has a 50-day moving average price of $97.40 and a 200 day moving average price of $97.37.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the previous year, the firm posted $0.95 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities analysts forecast that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.72%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s payout ratio is currently 38.90%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on OTIS. Wells Fargo & Company lowered their target price on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a report on Thursday, December 12th. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Barclays cut their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Finally, UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide has an average rating of “Hold” and a consensus price target of $103.50.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.23% of the stock is currently owned by company 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.