Kentucky Retirement Systems Reduces Holdings in Otis Worldwide Co. (NYSE:OTIS)

Kentucky Retirement Systems reduced its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.0% during the 1st quarter, HoldingsChannel reports. The firm owned 30,791 shares of the company’s stock after selling 1,954 shares during the period. Kentucky Retirement Systems’ holdings in Otis Worldwide were worth $3,057,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in OTIS. Cetera Trust Company N.A acquired a new position in Otis Worldwide during the fourth quarter worth about $27,000. LifeSteps Financial Inc. purchased a new stake in shares of Otis Worldwide during the first quarter worth about $31,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Otis Worldwide in the fourth quarter valued at approximately $28,000. Pacific Capital Wealth Advisors Inc. purchased a new stake in Otis Worldwide in the fourth quarter valued at approximately $35,000. Finally, Accent Capital Management LLC purchased a new stake in Otis Worldwide in the fourth quarter valued at approximately $36,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Down 0.6 %

NYSE OTIS traded down $0.58 on Monday, reaching $92.90. The company’s stock had a trading volume of 326,584 shares, compared to its average volume of 2,091,581. The firm has a market cap of $37.21 billion, a PE ratio of 27.02 and a beta of 1.03. The business has a 50-day moving average price of $97.19 and a 200 day moving average price of $95.13. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.84.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.92 earnings per share. Analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.56 annualized dividend and a yield of 1.68%. Otis Worldwide’s dividend payout ratio is 45.09%.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the sale, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on OTIS. JPMorgan Chase & Co. lifted their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Barclays lifted their price target on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday. Argus raised their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Finally, Melius assumed coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating on the stock. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $98.83.

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.