IMA Wealth Inc. Decreases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

IMA Wealth Inc. decreased its position in Otis Worldwide Co. (NYSE:OTIS) by 9.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,815 shares of the company’s stock after selling 987 shares during the quarter. IMA Wealth Inc.’s holdings in Otis Worldwide were worth $878,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. AE Wealth Management LLC boosted its stake in shares of Otis Worldwide by 15.4% during the 3rd quarter. AE Wealth Management LLC now owns 11,078 shares of the company’s stock valued at $890,000 after purchasing an additional 1,476 shares in the last quarter. Global Retirement Partners LLC boosted its stake in shares of Otis Worldwide by 23.4% during the 3rd quarter. Global Retirement Partners LLC now owns 1,174 shares of the company’s stock valued at $94,000 after purchasing an additional 223 shares in the last quarter. Avior Wealth Management LLC boosted its stake in shares of 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 in the last quarter. Czech National Bank boosted its stake in shares of Otis Worldwide by 47.2% during the 3rd quarter. Czech National Bank now owns 71,965 shares of the company’s stock valued at $5,780,000 after purchasing an additional 23,061 shares in the last quarter. Finally, Asset Management One Co. Ltd. boosted its stake in shares of Otis Worldwide by 1.0% during the 3rd quarter. Asset Management One Co. Ltd. now owns 164,066 shares of the company’s stock valued at $13,176,000 after purchasing an additional 1,618 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Activity

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on OTIS shares. Vertical Research lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. UBS Group boosted their price objective on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. Barclays boosted their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. 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 note on Thursday, February 22nd. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $100.00 price objective on shares of Otis Worldwide in a research note on Monday, February 5th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $96.86.

Otis Worldwide Stock Down 0.9 %

Otis Worldwide stock traded down $0.82 during trading hours on Friday, hitting $92.20. The stock had a trading volume of 2,314,121 shares, compared to its average volume of 1,745,609. The stock has a market capitalization of $37.27 billion, a P/E ratio of 26.65 and a beta of 1.01. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.35. The stock’s 50-day moving average price is $96.44 and its 200-day moving average price is $89.35.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.01. The business had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. On average, research analysts expect that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, May 16th. Otis Worldwide’s payout ratio is presently 39.31%.

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.