St. Louis Trust Co Grows Position in Otis Worldwide Co. (NYSE:OTIS)

St. Louis Trust Co raised its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 9.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,277 shares of the company’s stock after buying an additional 277 shares during the quarter. St. Louis Trust Co’s holdings in Otis Worldwide were worth $293,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Asset Management One Co. Ltd. boosted its holdings in shares of Otis Worldwide by 1.0% in the 3rd quarter. Asset Management One Co. Ltd. now owns 164,066 shares of the company’s stock worth $13,176,000 after purchasing an additional 1,618 shares during the period. Atlantic Union Bankshares Corp boosted its holdings in shares of Otis Worldwide by 14.8% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 24,702 shares of the company’s stock worth $1,984,000 after purchasing an additional 3,179 shares during the period. ST Germain D J Co. Inc. boosted its holdings in shares of Otis Worldwide by 5.3% in the 3rd quarter. ST Germain D J Co. Inc. now owns 3,081 shares of the company’s stock worth $247,000 after purchasing an additional 155 shares during the period. Commonwealth Equity Services LLC boosted its holdings in shares of Otis Worldwide by 0.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 154,776 shares of the company’s stock worth $12,430,000 after purchasing an additional 733 shares during the period. Finally, Toews Corp ADV purchased a new position in shares of Otis Worldwide in the 3rd quarter worth approximately $779,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on OTIS shares. Melius started coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating for the company. Royal Bank of Canada reissued an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a research note on Monday, February 5th. JPMorgan Chase & Co. lifted 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. Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Finally, UBS Group lifted their target price on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $96.86.

Insider Activity

In other news, CEO Judith Fran Marks sold 37,312 shares of the business’s 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 transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Judith Fran Marks sold 37,312 shares of the business’s 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 transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Montlivault Stephane De sold 18,393 shares of the company’s 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 transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

OTIS stock traded down $2.17 on Tuesday, hitting $91.20. 1,967,829 shares of the company’s stock were exchanged, compared to its average volume of 2,032,823. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.35. The firm has a 50 day moving average price of $96.49 and a two-hundred day moving average price of $89.65. The stock has a market cap of $36.87 billion, a P/E ratio of 26.36 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.01. The business had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. Sell-side analysts expect that Otis Worldwide Co. will post 3.87 earnings per share 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 $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.71%. The ex-dividend date is Thursday, May 16th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s payout ratio is 39.31%.

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.