Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Salem Investment Counselors Inc.

Salem Investment Counselors Inc. reduced its position in Otis Worldwide Co. (NYSE:OTIS) by 14.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,649 shares of the company’s stock after selling 1,277 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Otis Worldwide were worth $789,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. NBC Securities Inc. acquired a new position in Otis Worldwide in the 1st quarter valued at $25,000. Transce3nd LLC acquired a new position in Otis Worldwide in the 4th quarter valued at $25,000. Aster Capital Management DIFC Ltd acquired a new position in Otis Worldwide in the 4th quarter valued at $28,000. Centricity Wealth Management LLC acquired a new position in Otis Worldwide in the 4th quarter valued at $33,000. Finally, Flagship Wealth Advisors LLC acquired a new position in Otis Worldwide in the 4th quarter valued at $34,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

OTIS has been the subject of several recent research reports. JPMorgan Chase & Co. increased their price objective on Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, May 16th. Royal Bank of Canada dropped their target price on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, April 28th. Barclays dropped their target price on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a report on Friday, April 25th. Finally, Wells Fargo & Company dropped their target price 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. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Otis Worldwide has an average rating of “Hold” and an average target price of $100.71.

Otis Worldwide Stock Down 1.3%

Shares of NYSE:OTIS opened at $95.72 on Friday. The business has a fifty day moving average of $96.20 and a two-hundred day moving average of $97.04. The stock has a market cap of $37.78 billion, a P/E ratio of 23.58 and a beta of 0.98. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share 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 31.76% and a net margin of 11.53%. The company’s revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.88 EPS. On average, equities analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were issued a dividend of $0.42 per share. The ex-dividend date was Friday, May 16th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.76%. Otis Worldwide’s dividend payout ratio is currently 44.09%.

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.