Otis Worldwide Co. (NYSE:OTIS) Stock Position Reduced by Ferguson Wellman Capital Management Inc.

Ferguson Wellman Capital Management Inc. lessened its position in shares of Otis Worldwide Co. (NYSE:OTISGet Rating) by 7.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,191 shares of the company’s stock after selling 1,335 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in Otis Worldwide were worth $1,144,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Intelligent Financial Strategies acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $28,000. NuWave Investment Management LLC acquired a new stake in shares of Otis Worldwide during the 1st quarter worth approximately $26,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of Otis Worldwide during the 1st quarter worth approximately $27,000. James Reed Financial Services Inc. acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $34,000. Finally, Standard Family Office LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $38,000. Institutional investors own 83.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Wells Fargo & Company increased their price target on Otis Worldwide from $67.00 to $70.00 and gave the stock an “underweight” rating in a research report on Thursday, July 28th. Berenberg Bank lowered their target price on Otis Worldwide from $88.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, June 22nd. Exane BNP Paribas cut Otis Worldwide from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $95.00 to $80.00 in a research report on Tuesday, July 5th. Barclays lowered their target price on Otis Worldwide from $82.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, July 8th. Finally, Credit Suisse Group raised their target price on Otis Worldwide from $79.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, July 28th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $77.40.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $65.45 on Friday. The stock has a fifty day moving average price of $74.68 and a two-hundred day moving average price of $74.07. The firm has a market cap of $27.50 billion, a P/E ratio of 22.49 and a beta of 0.91. Otis Worldwide Co. has a 1 year low of $65.36 and a 1 year high of $88.22.

Otis Worldwide (NYSE:OTISGet Rating) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.08. The firm had revenue of $3.49 billion during the quarter, compared to analyst estimates of $3.56 billion. Otis Worldwide had a negative return on equity of 32.91% and a net margin of 8.83%. The firm’s quarterly revenue was down 5.8% on a year-over-year basis. During the same period last year, the company posted $0.79 EPS. On average, research analysts predict that Otis Worldwide Co. will post 3.2 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Saturday, September 10th. Stockholders of record on Friday, August 19th were paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 1.77%. The ex-dividend date was Thursday, August 18th. Otis Worldwide’s dividend payout ratio is presently 39.86%.

Insider Transactions at Otis Worldwide

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

Otis Worldwide Profile

(Get Rating)

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.

Recommended Stories

Want to see what other hedge funds are holding OTIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Otis Worldwide Co. (NYSE:OTISGet Rating).

Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

Receive News & Ratings for Otis Worldwide Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Otis Worldwide and related companies with MarketBeat.com's FREE daily email newsletter.