Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Trust Co. of Virginia VA

Trust Co. of Virginia VA trimmed its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,856 shares of the company’s stock after selling 130 shares during the quarter. Trust Co. of Virginia VA’s holdings in Otis Worldwide were worth $482,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Stevens Capital Management LP boosted its position in shares of Otis Worldwide by 142.1% during the 4th quarter. Stevens Capital Management LP now owns 7,555 shares of the company’s stock worth $676,000 after acquiring an additional 4,435 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of Otis Worldwide by 13,638.0% in the 4th quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock valued at $13,570,000 after purchasing an additional 150,563 shares during the period. Johnson Investment Counsel Inc. boosted its position in shares of Otis Worldwide by 1.9% in the 4th quarter. Johnson Investment Counsel Inc. now owns 9,329 shares of the company’s stock valued at $835,000 after purchasing an additional 175 shares during the period. SG Americas Securities LLC boosted its position in shares of Otis Worldwide by 176.4% in the 4th quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock valued at $10,378,000 after purchasing an additional 74,030 shares during the period. Finally, Smith Salley & Associates acquired a new stake in shares of Otis Worldwide in the 4th quarter valued at about $1,113,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the transaction, the executive vice president now directly owns 15,570 shares in the company, valued at $1,458,753.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Otis Worldwide stock traded up $0.26 during trading on Friday, reaching $96.26. The company had a trading volume of 4,754,345 shares, compared to its average volume of 2,050,717. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84. The stock’s 50 day moving average price is $96.20 and its two-hundred day moving average price is $93.90. The firm has a market capitalization of $38.92 billion, a price-to-earnings ratio of 27.82 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.44 billion. As a group, research analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

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

Analyst Ratings Changes

OTIS has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their target price on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Argus upped their price objective on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Wells Fargo & Company reduced their price objective on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research note on Thursday, April 25th. Melius assumed coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating for the company. Finally, Barclays upped their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $99.33.

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.