First Western Trust Bank Sells 150 Shares of Otis Worldwide Co. (NYSE:OTIS)

First Western Trust Bank lowered its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,937 shares of the company’s stock after selling 150 shares during the quarter. First Western Trust Bank’s holdings in Otis Worldwide were worth $352,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in Otis Worldwide by 47.9% in the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after purchasing an additional 2,442,203 shares during the period. Jacobs Levy Equity Management Inc. raised its stake in Otis Worldwide by 104.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company’s stock worth $124,906,000 after buying an additional 794,626 shares during the period. Qube Research & Technologies Ltd boosted its holdings in Otis Worldwide by 119.1% in the third quarter. Qube Research & Technologies Ltd now owns 981,574 shares of the company’s stock worth $78,830,000 after acquiring an additional 533,590 shares in the last quarter. Barclays PLC grew its stake in Otis Worldwide by 82.1% in the third quarter. Barclays PLC now owns 957,288 shares of the company’s stock valued at $76,878,000 after acquiring an additional 431,542 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its holdings in shares of Otis Worldwide by 64.9% during the third quarter. Adage Capital Partners GP L.L.C. now owns 774,386 shares of the company’s stock valued at $62,191,000 after acquiring an additional 304,669 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Otis Worldwide stock traded up $1.64 during mid-day trading on Thursday, hitting $96.16. 1,800,342 shares of the company traded hands, compared to its average volume of 2,009,988. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.35. The stock has a market cap of $38.88 billion, a price-to-earnings ratio of 27.79 and a beta of 1.03. The stock has a fifty day moving average price of $96.42 and a 200-day moving average price of $90.14.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The business had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.44 billion. Sell-side analysts predict 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 will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be paid a $0.39 dividend. The ex-dividend date of this dividend is 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 currently 39.31%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on OTIS. JPMorgan Chase & Co. upped their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. UBS Group upped their price objective on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Barclays lifted their target price on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. Melius assumed coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating for the company. Finally, Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research report on Thursday, February 22nd. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $96.86.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the transaction, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related 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 completion of the sale, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was 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 disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

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.