Otis Worldwide Co. (NYSE:OTIS) Shares Sold by CHICAGO TRUST Co NA

CHICAGO TRUST Co NA reduced its stake in Otis Worldwide Co. (NYSE:OTIS) by 14.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,948 shares of the company’s stock after selling 480 shares during the period. CHICAGO TRUST Co NA’s holdings in Otis Worldwide were worth $304,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Coldstream Capital Management Inc. increased its position in Otis Worldwide by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company’s stock worth $249,000 after buying an additional 109 shares during the period. Montis Financial LLC grew its position in shares of Otis Worldwide by 5.2% during the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock worth $205,000 after acquiring an additional 110 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of Otis Worldwide by 15.3% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company’s stock worth $85,000 after acquiring an additional 110 shares during the period. AlTi Global Inc. lifted its position 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 purchasing an additional 113 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC boosted its stake in Otis Worldwide by 1.7% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock valued at $643,000 after purchasing an additional 114 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on OTIS shares. JPMorgan Chase & Co. raised their price target on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, May 16th. Barclays decreased their price target on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research note on Friday, April 25th. Wells Fargo & Company cut their price objective on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, April 24th. Finally, 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 report on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $100.71.

Otis Worldwide Stock Performance

NYSE OTIS opened at $95.29 on Tuesday. Otis Worldwide Co. has a 1 year low of $89.70 and a 1 year high of $106.83. The business’s fifty day moving average is $96.18 and its two-hundred day moving average is $97.15. The stock has a market capitalization of $37.61 billion, a P/E ratio of 23.47 and a beta of 0.98.

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

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.76%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 44.09%.

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.