Ferguson Wellman Capital Management Inc. Decreases Stake in Otis Worldwide Co. (NYSE:OTIS)

Ferguson Wellman Capital Management Inc. lessened its stake in Otis Worldwide Co. (NYSE:OTISGet Rating) by 7.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 16,191 shares of the company’s stock after selling 1,335 shares during the quarter. Ferguson Wellman Capital Management Inc.’s holdings in Otis Worldwide were worth $1,144,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in OTIS. NuWave Investment Management LLC acquired a new stake in shares of Otis Worldwide during the 1st quarter worth about $26,000. LFA Lugano Financial Advisors SA acquired a new position in Otis Worldwide during the first quarter worth approximately $27,000. Intelligent Financial Strategies acquired a new position in Otis Worldwide during the fourth quarter worth approximately $28,000. James Reed Financial Services Inc. acquired a new position in Otis Worldwide during the fourth quarter worth approximately $34,000. Finally, Atticus Wealth Management LLC increased its position in Otis Worldwide by 735.1% during the second quarter. Atticus Wealth Management LLC now owns 476 shares of the company’s stock worth $34,000 after buying an additional 419 shares during the period. Hedge funds and other institutional investors own 83.16% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the topic of several research analyst reports. Barclays cut their price target on Otis Worldwide from $82.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, July 8th. Berenberg Bank dropped their target price on Otis Worldwide from $88.00 to $80.00 and set a “buy” rating on the stock in a report on Wednesday, June 22nd. BNP Paribas lowered Otis Worldwide from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $95.00 to $80.00 in a report on Tuesday, July 5th. Wells Fargo & Company boosted their target price on Otis Worldwide from $67.00 to $70.00 and gave the company an “underweight” rating in a report on Thursday, July 28th. Finally, JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $100.00 to $62.00 in a report on Thursday, July 7th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $77.40.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $65.45 on Friday. Otis Worldwide Co. has a 1-year low of $65.36 and a 1-year high of $88.22. The company has a market cap of $27.50 billion, a PE ratio of 22.49 and a beta of 0.91. The stock’s 50 day moving average price is $74.68 and its 200 day moving average price is $74.07.

Otis Worldwide (NYSE:OTISGet Rating) last posted its earnings results on Wednesday, July 27th. The company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.08. The company had revenue of $3.49 billion for the quarter, compared to the consensus estimate of $3.56 billion. Otis Worldwide had a negative return on equity of 32.91% and a net margin of 8.83%. Otis Worldwide’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.79 earnings per share. On average, equities research analysts anticipate that Otis Worldwide Co. will post 3.2 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Saturday, September 10th. Shareholders of record on Friday, August 19th were given a dividend of $0.29 per share. The ex-dividend date was Thursday, August 18th. This represents a $1.16 dividend on an annualized basis and a yield of 1.77%. Otis Worldwide’s payout ratio is 39.86%.

Insiders Place Their Bets

In other news, CFO Rahul Ghai sold 2,618 shares of the business’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $78.55, for a total value of $205,643.90. Following the completion of the transaction, the chief financial officer now directly owns 7,063 shares of the company’s stock, valued at $554,798.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CFO Rahul Ghai sold 2,618 shares of the company’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $78.55, for a total value of $205,643.90. Following the completion of the transaction, the chief financial officer now directly owns 7,063 shares in the company, valued at $554,798.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nora E. Lafreniere sold 13,576 shares of the company’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $76.54, for a total value of $1,039,107.04. Following the completion of the transaction, the executive vice president now owns 12,376 shares of the company’s stock, valued at $947,259.04. The disclosure for this sale can be found here. 0.11% of the stock is owned by company insiders.

Otis Worldwide Profile

(Get Rating)

Otis Worldwide Corporation manufactures, installs, and services 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.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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