State of Alaska Department of Revenue Trims Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

State of Alaska Department of Revenue cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 12.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 76,291 shares of the company’s stock after selling 11,215 shares during the period. State of Alaska Department of Revenue’s holdings in Otis Worldwide were worth $7,572,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of OTIS. Cetera Trust Company N.A purchased a new position in shares of Otis Worldwide in the 4th quarter valued at approximately $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in Otis Worldwide in the 4th quarter valued at $28,000. Orion Capital Management LLC acquired a new position in Otis Worldwide in the 3rd quarter valued at $30,000. Pacific Capital Wealth Advisors Inc. purchased a new position in Otis Worldwide during the 4th quarter worth $35,000. Finally, Accent Capital Management LLC acquired a new stake in shares of Otis Worldwide in the 4th quarter worth $36,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of recent analyst reports. Melius began coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating on the stock. Argus raised their price target on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a report on Monday, May 13th. Wells Fargo & Company dropped their price objective on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. JPMorgan Chase & Co. increased their price objective on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Finally, Barclays boosted their target price on shares of 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 investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $99.33.

Otis Worldwide Trading Up 0.6 %

Shares of OTIS stock traded up $0.56 during mid-day trading on Wednesday, reaching $96.51. The stock had a trading volume of 1,317,718 shares, compared to its average volume of 2,050,546. The company has a market cap of $39.02 billion, a P/E ratio of 27.89 and a beta of 1.03. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84. The business has a 50-day simple moving average of $96.14 and a 200 day simple moving average of $94.04.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $3.44 billion. Research analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 17th were issued a $0.39 dividend. The ex-dividend date of this dividend was Thursday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a yield of 1.62%. Otis Worldwide’s payout ratio is 45.09%.

Insider Buying and Selling

In related news, EVP Peiming Zheng sold 30,364 shares of the company’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 transaction of $2,844,803.16. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Company 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.