Otis Worldwide Co. (NYSE:OTIS) Shares Sold by First City Capital Management Inc.

First City Capital Management Inc. decreased its stake in Otis Worldwide Co. (NYSE:OTIS) by 6.3% in the fourth quarter, HoldingsChannel reports. The firm owned 2,250 shares of the company’s stock after selling 150 shares during the period. First City Capital Management Inc.’s holdings in Otis Worldwide were worth $208,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in OTIS. GAMMA Investing LLC boosted its holdings in shares of Otis Worldwide by 24.2% during the fourth quarter. GAMMA Investing LLC now owns 6,693 shares of the company’s stock worth $620,000 after purchasing an additional 1,303 shares during the period. Versant Capital Management Inc boosted its position in Otis Worldwide by 310.4% during the fourth quarter. Versant Capital Management Inc now owns 632 shares of the company’s stock valued at $59,000 after purchasing an additional 478 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Otis Worldwide by 1.3% during the 3rd quarter. Principal Financial Group Inc. now owns 471,044 shares of the company’s stock valued at $48,960,000 after buying an additional 6,261 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after purchasing an additional 2,706,871 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Trading Up 0.8 %

Shares of OTIS stock traded up $0.75 during trading on Friday, reaching $92.99. 625,688 shares of the company’s stock traded hands, compared to its average volume of 943,399. The firm’s 50-day moving average is $98.54 and its 200 day moving average is $97.58. Otis Worldwide Co. has a 1 year low of $85.42 and a 1 year high of $106.33. The company has a market capitalization of $37.15 billion, a P/E ratio of 23.19 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the previous year, the company earned $0.95 earnings per share. Otis Worldwide’s quarterly revenue was up .7% on a year-over-year basis. As a group, sell-side analysts predict that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.68%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

OTIS has been the topic of several recent research reports. UBS Group initiated coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Wells Fargo & Company decreased their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Finally, Barclays cut Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price objective for the company. in a research report on Thursday, December 5th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $104.50.

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.