Stock Yards Bank & Trust Co. Reduces Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Stock Yards Bank & Trust Co. trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 19.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,048 shares of the company’s stock after selling 733 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Otis Worldwide were worth $273,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. JB Capital LLC grew its stake in Otis Worldwide by 0.5% during the 4th quarter. JB Capital LLC now owns 26,572 shares of the company’s stock valued at $2,377,000 after purchasing an additional 129 shares during the last quarter. Baystate Wealth Management LLC grew its stake in Otis Worldwide by 16.7% during the 4th quarter. Baystate Wealth Management LLC now owns 964 shares of the company’s stock valued at $86,000 after purchasing an additional 138 shares during the last quarter. Sigma Planning Corp grew its stake in Otis Worldwide by 3.5% during the 3rd quarter. Sigma Planning Corp now owns 4,189 shares of the company’s stock valued at $336,000 after purchasing an additional 141 shares during the last quarter. Avior Wealth Management LLC grew its stake in Otis Worldwide by 42.3% during the 3rd quarter. Avior Wealth Management LLC now owns 481 shares of the company’s stock valued at $39,000 after purchasing an additional 143 shares during the last quarter. Finally, Spinnaker Trust lifted its holdings in shares of Otis Worldwide by 4.8% in the 3rd quarter. Spinnaker Trust now owns 3,375 shares of the company’s stock valued at $271,000 after buying an additional 154 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Vertical Research cut Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Melius assumed coverage on Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating for the company. Barclays boosted their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Royal Bank of Canada reissued an “outperform” rating and issued a $100.00 price objective on shares of Otis Worldwide in a report on Monday, February 5th. Finally, UBS Group upped their price target on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and a consensus target price of $95.00.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the sale, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is owned by insiders.

Otis Worldwide Stock Down 4.2 %

NYSE:OTIS opened at $93.37 on Thursday. The stock’s fifty day moving average is $96.41 and its two-hundred day moving average is $89.24. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.35. The stock has a market capitalization of $37.74 billion, a price-to-earnings ratio of 27.54 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.01. The business had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. On average, sell-side analysts expect that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide’s dividend payout ratio is presently 40.12%.

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.