Selway Asset Management Has $2.09 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

Selway Asset Management increased its stake in Otis Worldwide Co. (NYSE:OTIS) by 1.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,221 shares of the company’s stock after buying an additional 200 shares during the quarter. Selway Asset Management’s holdings in Otis Worldwide were worth $2,087,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Resonant Capital Advisors LLC raised its stake in Otis Worldwide by 3.1% in the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock valued at $320,000 after acquiring an additional 105 shares during the period. Coldstream Capital Management Inc. raised its stake in Otis Worldwide by 4.2% in the 4th quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company’s stock valued at $249,000 after acquiring an additional 109 shares during the period. Montis Financial LLC raised its stake in Otis Worldwide by 5.2% in the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock valued at $205,000 after acquiring an additional 110 shares during the period. AlTi Global Inc. raised its stake in Otis Worldwide by 4.9% in the 4th quarter. AlTi Global Inc. now owns 2,404 shares of the company’s stock valued at $223,000 after acquiring an additional 113 shares during the period. Finally, Dorsey & Whitney Trust CO LLC raised its stake in Otis Worldwide by 1.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock valued at $643,000 after acquiring an additional 114 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

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

Otis Worldwide Stock Performance

OTIS opened at $94.22 on Tuesday. The firm has a market cap of $37.19 billion, a P/E ratio of 23.21 and a beta of 1.01. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83. The business’s fifty day moving average is $96.97 and its 200-day moving average is $97.32.

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

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be issued a dividend of $0.42 per share. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide’s dividend payout ratio is 44.09%.

Insider Transactions at Otis Worldwide

In related news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now directly owns 63,931 shares of the company’s stock, valued at $6,731,934.30. This trade represents a 9.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.23% of the stock is currently owned by insiders.

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.