Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Capital City Trust Co. FL

Capital City Trust Co. FL decreased its stake in Otis Worldwide Co. (NYSE:OTISGet Rating) by 15.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,344 shares of the company’s stock after selling 778 shares during the period. Capital City Trust Co. FL’s holdings in Otis Worldwide were worth $307,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Otis Worldwide by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 39,127,186 shares of the company’s stock valued at $3,010,837,000 after acquiring an additional 829,784 shares during the last quarter. BlackRock Inc. lifted its position in shares of Otis Worldwide by 1.0% during the 4th quarter. BlackRock Inc. now owns 37,081,287 shares of the company’s stock valued at $3,228,667,000 after acquiring an additional 372,147 shares during the last quarter. State Street Corp lifted its position in shares of Otis Worldwide by 1.8% during the 4th quarter. State Street Corp now owns 16,979,598 shares of the company’s stock valued at $1,478,414,000 after acquiring an additional 292,558 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Otis Worldwide by 12.4% in the fourth quarter. Alliancebernstein L.P. now owns 8,053,409 shares of the company’s stock valued at $701,210,000 after purchasing an additional 890,179 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Otis Worldwide by 23.8% in the first quarter. JPMorgan Chase & Co. now owns 5,739,928 shares of the company’s stock valued at $441,688,000 after purchasing an additional 1,104,899 shares in the last quarter. 83.16% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Performance

OTIS opened at $65.24 on Friday. The company has a fifty day moving average price of $74.68 and a two-hundred day moving average price of $74.07. Otis Worldwide Co. has a 52 week low of $65.36 and a 52 week high of $88.22. The firm has a market capitalization of $27.42 billion, a PE ratio of 22.49 and a beta of 0.91.

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

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Saturday, September 10th. Investors of record on Friday, August 19th were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 1.78%. The ex-dividend date of this dividend was Thursday, August 18th. Otis Worldwide’s payout ratio is 39.86%.

Analyst Ratings Changes

OTIS has been the subject of a number of research analyst reports. Barclays reduced their target price on Otis Worldwide from $82.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, July 8th. BNP Paribas downgraded shares of Otis Worldwide from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $95.00 to $80.00 in a research note on Tuesday, July 5th. Wells Fargo & Company upped their price target on shares of Otis Worldwide from $67.00 to $70.00 and gave the stock an “underweight” rating in a research note on Thursday, July 28th. Exane BNP Paribas downgraded shares of Otis Worldwide from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $95.00 to $80.00 in a research note on Tuesday, July 5th. Finally, Berenberg Bank dropped their price target on shares of Otis Worldwide from $88.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, June 22nd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $77.40.

Insider Activity at Otis Worldwide

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

About Otis Worldwide

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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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