Park Place Capital Corp Trims Position in Otis Worldwide Co. (NYSE:OTIS)

Park Place Capital Corp decreased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 48.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 786 shares of the company’s stock after selling 748 shares during the quarter. Park Place Capital Corp’s holdings in Otis Worldwide were worth $78,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Trivant Custom Portfolio Group LLC purchased a new stake in Otis Worldwide during the first quarter worth approximately $2,287,000. Investment Research & Advisory Group Inc. purchased a new stake in Otis Worldwide during the first quarter worth approximately $1,752,000. Grimes & Company Inc. lifted its stake in Otis Worldwide by 3.6% during the first quarter. Grimes & Company Inc. now owns 5,325 shares of the company’s stock worth $529,000 after purchasing an additional 183 shares during the last quarter. Atlantic Union Bankshares Corp lifted its stake in Otis Worldwide by 8.0% during the first quarter. Atlantic Union Bankshares Corp now owns 29,086 shares of the company’s stock worth $2,887,000 after purchasing an additional 2,160 shares during the last quarter. Finally, Register Financial Advisors LLC purchased a new stake in Otis Worldwide during the first quarter worth approximately $58,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling

In related news, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the transaction, the executive vice president now owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on OTIS. Barclays boosted their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. JPMorgan Chase & Co. boosted their price objective on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Melius began coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating for the company. Argus boosted their price objective on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Finally, Wells Fargo & Company reduced their price objective on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research note on Thursday, April 25th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $99.33.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $94.95 on Tuesday. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.84. The business has a 50 day simple moving average of $96.17 and a 200-day simple moving average of $94.00. The stock has a market capitalization of $38.39 billion, a PE ratio of 27.44 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The business had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. As a group, equities research analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 17th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend was Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio is currently 45.09%.

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.