1ST Source Bank Sells 114 Shares of Otis Worldwide Co. (NYSE:OTIS)

1ST Source Bank decreased its position in Otis Worldwide Co. (NYSE:OTIS) by 2.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,429 shares of the company’s stock after selling 114 shares during the quarter. 1ST Source Bank’s holdings in Otis Worldwide were worth $460,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of OTIS. Riverview Trust Co purchased a new position in Otis Worldwide in the third quarter valued at about $25,000. Meeder Asset Management Inc. grew its position in Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after purchasing an additional 196 shares during the last quarter. Cranbrook Wealth Management LLC increased 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. Northwest Investment Counselors LLC purchased a new position in shares of Otis Worldwide in the third quarter worth $28,000. Finally, Hantz Financial Services Inc. purchased a new position in shares of Otis Worldwide in the second quarter worth $29,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Down 0.5 %

Shares of OTIS stock opened at $97.79 on Friday. Otis Worldwide Co. has a 12-month low of $85.42 and a 12-month high of $106.33. The business’s 50 day moving average is $101.40 and its two-hundred day moving average is $97.98. The company has a market capitalization of $39.06 billion, a P/E ratio of 24.39 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last announced its 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). The business had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter last year, the business earned $0.95 EPS. On average, research 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 announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a $0.39 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.60%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on OTIS shares. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a report on Thursday. Barclays downgraded Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 target price for the company. in a report on Thursday, December 5th. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Finally, Royal Bank of Canada restated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $104.50.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.23% of the stock is currently owned by 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.