Pinnacle Bancorp Inc. Sells 170 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Pinnacle Bancorp Inc. cut its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 29.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 402 shares of the company’s stock after selling 170 shares during the quarter. Pinnacle Bancorp Inc.’s holdings in Otis Worldwide were worth $41,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Transce3nd LLC acquired a new position in Otis Worldwide during the 4th quarter worth approximately $25,000. NBC Securities Inc. bought a new stake in shares of Otis Worldwide in the first quarter worth $25,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Otis Worldwide in the fourth quarter worth $28,000. Flagship Wealth Advisors LLC acquired a new position in Otis Worldwide during the fourth quarter worth $34,000. Finally, Orion Capital Management LLC bought a new position in Otis Worldwide in the fourth quarter valued at $35,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS opened at $96.69 on Thursday. The company has a market cap of $38.16 billion, a PE ratio of 25.38 and a beta of 0.98. The firm has a 50-day moving average of $96.25 and a 200-day moving average of $96.74. Otis Worldwide Corporation has a one year low of $89.70 and a one year high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. The business had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $3.41 billion. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. Otis Worldwide’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the company posted $0.88 earnings per share. Analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were paid a dividend of $0.42 per share. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide’s payout ratio is currently 44.09%.

Analysts Set New Price Targets

Several brokerages have commented on OTIS. Wells Fargo & Company cut their price target on shares of 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. Royal Bank Of Canada lowered their target price on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Barclays reduced their price target on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research report on Friday, April 25th. Finally, JPMorgan Chase & Co. raised 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. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and an average target price of $100.71.

About Otis Worldwide

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.