Otis Worldwide Co. (NYSE:OTIS) Shares Sold by IMA Wealth Inc.

IMA Wealth Inc. cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 9.1% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 9,815 shares of the company’s stock after selling 987 shares during the period. IMA Wealth Inc.’s holdings in Otis Worldwide were worth $878,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in OTIS. Cetera Trust Company N.A purchased a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Otis Worldwide in the 4th quarter valued at $28,000. Orion Capital Management LLC purchased a new position in shares of Otis Worldwide in the 3rd quarter valued at $30,000. NBC Securities Inc. purchased a new position in shares of Otis Worldwide in the 3rd quarter valued at $33,000. Finally, CNB Bank grew its position in shares of Otis Worldwide by 81.0% in the 3rd quarter. CNB Bank now owns 429 shares of the company’s stock valued at $34,000 after buying an additional 192 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Shares of OTIS stock traded down $0.82 during mid-day trading on Friday, hitting $92.20. The stock had a trading volume of 2,314,121 shares, compared to its average volume of 1,745,609. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35. The firm has a market cap of $37.27 billion, a PE ratio of 26.65 and a beta of 1.01. The company’s 50-day simple moving average is $96.44 and its 200-day simple moving average is $89.35.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The company had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. On average, analysts expect that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Thursday, May 16th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio (DPR) is 39.31%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of recent analyst reports. UBS Group increased their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research report on Thursday, February 22nd. Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday. Barclays raised their price objective 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. Finally, JPMorgan Chase & Co. raised their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $96.86.

Insider Activity at Otis Worldwide

In related news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now owns 67,274 shares in the company, valued at $6,128,661.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the sale, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the sale, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

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.