Simmons Bank Sells 206 Shares of Otis Worldwide Co. (NYSE:OTIS)

Simmons Bank lowered its position in Otis Worldwide Co. (NYSE:OTIS) by 2.9% in the 4th quarter, Holdings Channel reports. The firm owned 6,914 shares of the company’s stock after selling 206 shares during the quarter. Simmons Bank’s holdings in Otis Worldwide were worth $619,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Cetera Trust Company N.A bought a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Otis Worldwide during the fourth quarter worth $28,000. Orion Capital Management LLC bought a new stake in shares of Otis Worldwide during the third quarter worth $30,000. NBC Securities Inc. purchased a new stake in shares of Otis Worldwide during the third quarter valued at $33,000. Finally, CNB Bank grew its holdings in shares of Otis Worldwide by 81.0% in the third quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after purchasing an additional 192 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on OTIS shares. JPMorgan Chase & Co. lifted their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Barclays raised their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $100.00 price target on shares of Otis Worldwide in a report on Monday, February 5th. Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research note on Thursday, February 22nd. Finally, Wells Fargo & Company decreased their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus target price of $96.86.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Stock Performance

NYSE:OTIS traded up $0.59 during trading hours on Wednesday, reaching $94.48. The company’s stock had a trading volume of 1,104,799 shares, compared to its average volume of 2,005,632. The stock has a 50 day moving average price of $96.43 and a two-hundred day moving average price of $90.11. The company has a market capitalization of $38.20 billion, a P/E ratio of 27.31 and a beta of 1.03. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.35.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The firm had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. As a group, analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be given a $0.39 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s payout ratio is presently 39.31%.

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.