UMB Bank n.a. Reduces Position in Otis Worldwide Co. (NYSE:OTIS)

UMB Bank n.a. lessened its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,136 shares of the company’s stock after selling 245 shares during the quarter. UMB Bank n.a.’s holdings in Otis Worldwide were worth $460,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. JB Capital LLC lifted its stake in Otis Worldwide by 0.5% in the fourth quarter. JB Capital LLC now owns 26,572 shares of the company’s stock worth $2,377,000 after acquiring an additional 129 shares during the period. Sigma Planning Corp lifted its stake in Otis Worldwide by 3.5% in the third quarter. Sigma Planning Corp now owns 4,189 shares of the company’s stock worth $336,000 after acquiring an additional 141 shares during the period. Belpointe Asset Management LLC lifted its stake in Otis Worldwide by 5.2% in the first quarter. Belpointe Asset Management LLC now owns 2,857 shares of the company’s stock worth $241,000 after acquiring an additional 142 shares during the period. Avior Wealth Management LLC lifted its stake in Otis Worldwide by 42.3% in the third quarter. Avior Wealth Management LLC now owns 481 shares of the company’s stock worth $39,000 after acquiring an additional 143 shares during the period. Finally, Resources Management Corp CT ADV lifted its stake in Otis Worldwide by 47.4% in the second quarter. Resources Management Corp CT ADV now owns 460 shares of the company’s stock worth $41,000 after acquiring an additional 148 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of research analyst reports. Barclays raised their price target on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Wells Fargo & Company lowered their price objective on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, February 1st. Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Melius began coverage on Otis Worldwide in a research report on Tuesday. They set a “hold” rating for the company. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $100.00 price objective on shares of Otis Worldwide in a research report on Monday, February 5th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $94.29.

Insider Buying and Selling

In related news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide 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 completion of the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated 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 directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide 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 completion of the sale, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The disclosure for this sale can be found here. 0.11% of the stock is owned by corporate insiders.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $97.18 on Friday. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.35. The business has a fifty day moving average price of $94.70 and a 200-day moving average price of $87.61. The company has a market capitalization of $39.40 billion, a PE ratio of 28.67 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.02. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. The firm had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same period last year, the company earned $0.75 earnings per share. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were issued a $0.34 dividend. The ex-dividend date was Thursday, February 15th. This represents a $1.36 annualized dividend and a yield of 1.40%. Otis Worldwide’s payout ratio is 40.12%.

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.