Adirondack Trust Co. Lowers Holdings in Otis Worldwide Co. (NYSE:OTIS)

Adirondack Trust Co. trimmed its holdings in Otis Worldwide Co. (NYSE:OTIS) by 14.0% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 2,283 shares of the company’s stock after selling 372 shares during the period. Adirondack Trust Co.’s holdings in Otis Worldwide were worth $218,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in OTIS. Cetera Trust Company N.A purchased a new position in Otis Worldwide in the fourth quarter worth approximately $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in Otis Worldwide in the fourth quarter worth approximately $28,000. Orion Capital Management LLC purchased a new position in Otis Worldwide in the third quarter worth approximately $30,000. Pacific Capital Wealth Advisors Inc. purchased a new position in Otis Worldwide in the fourth quarter worth approximately $35,000. Finally, Accent Capital Management LLC purchased a new position in Otis Worldwide in the fourth quarter worth approximately $36,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the sale, the executive vice president now directly owns 15,570 shares in the company, valued at $1,458,753.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.23% of the stock is owned by insiders.

Otis Worldwide Trading Down 1.0 %

Shares of NYSE OTIS opened at $96.50 on Wednesday. The stock has a market cap of $39.02 billion, a P/E ratio of 27.89 and a beta of 1.04. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84. The business’s fifty day simple moving average is $96.19 and its 200-day simple moving average is $93.48.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) 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 analysts’ expectations of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. On average, equities analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 17th were paid a $0.39 dividend. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a dividend yield of 1.62%. The ex-dividend date was Thursday, May 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

Wall Street Analyst Weigh In

OTIS has been the subject of several research analyst reports. Wells Fargo & Company lowered their price target on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. 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 report on Tuesday, April 2nd. Melius initiated coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating for the company. JPMorgan Chase & Co. raised their price target on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Finally, Argus raised their price target on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $97.71.

Otis Worldwide 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.