Louisbourg Investments Inc. Sells 8,273 Shares of Otis Worldwide Co. (NYSE:OTIS)

Louisbourg Investments Inc. trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 25.7% during the first quarter, Holdings Channel.com reports. The fund owned 23,891 shares of the company’s stock after selling 8,273 shares during the quarter. Louisbourg Investments Inc.’s holdings in Otis Worldwide were worth $2,466,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Simon Quick Advisors LLC bought a new position in Otis Worldwide in the 1st quarter valued at about $443,000. SG Americas Securities LLC bought a new position in Otis Worldwide in the 1st quarter valued at about $2,533,000. Quintet Private Bank Europe S.A. increased its holdings in Otis Worldwide by 3.4% in the 1st quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company’s stock valued at $29,921,000 after buying an additional 9,467 shares during the period. Assenagon Asset Management S.A. increased its holdings in Otis Worldwide by 362.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company’s stock valued at $45,294,000 after buying an additional 343,987 shares during the period. Finally, SVB Wealth LLC bought a new position in Otis Worldwide in the 4th quarter valued at about $337,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Trading Up 0.6%

OTIS opened at $96.38 on Tuesday. The company’s 50 day moving average is $96.32 and its 200-day moving average is $96.92. Otis Worldwide Co. has a 1-year low of $89.70 and a 1-year high of $106.83. The company has a market cap of $38.04 billion, a P/E ratio of 23.74 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The business had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same period last year, the company earned $0.88 EPS. The firm’s revenue was down 2.5% compared to the same quarter last year. On average, equities analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.74%. Otis Worldwide’s dividend payout ratio (DPR) is currently 44.09%.

Wall Street Analyst Weigh In

Several equities analysts have commented on OTIS shares. JPMorgan Chase & Co. raised their target price on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, May 16th. Royal Bank of Canada decreased their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. Barclays decreased their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Friday, April 25th. Finally, Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 24th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $100.71.

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.