Principal Street Partners LLC Sells 589 Shares of Otis Worldwide Co. (NYSE:OTIS)

Principal Street Partners LLC lessened its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 17.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,808 shares of the company’s stock after selling 589 shares during the period. Principal Street Partners LLC’s holdings in Otis Worldwide were worth $260,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Otis Worldwide by 9.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,602,727 shares of the company’s stock valued at $333,649,000 after purchasing an additional 316,890 shares during the period. Waverly Advisors LLC acquired a new position in shares of Otis Worldwide during the fourth quarter valued at about $404,000. iSAM Funds UK Ltd raised its holdings in shares of Otis Worldwide by 112.9% during the fourth quarter. iSAM Funds UK Ltd now owns 10,309 shares of the company’s stock valued at $955,000 after purchasing an additional 5,466 shares during the period. Vident Advisory LLC raised its holdings in shares of Otis Worldwide by 14.4% during the fourth quarter. Vident Advisory LLC now owns 8,096 shares of the company’s stock valued at $750,000 after purchasing an additional 1,022 shares during the period. Finally, Sone Capital Management LLC acquired a new position in shares of Otis Worldwide during the fourth quarter valued at about $4,620,000. Institutional investors own 88.03% of the company’s stock.

Insiders Place Their Bets

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This represents a 9.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Price Performance

NYSE:OTIS opened at $98.18 on Wednesday. The firm has a 50-day moving average of $97.96 and a 200-day moving average of $97.59. The company has a market cap of $38.75 billion, a PE ratio of 24.18 and a beta of 1.01. Otis Worldwide Co. has a one year low of $89.70 and a one year high of $106.83.

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

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be given a dividend of $0.42 per share. The ex-dividend date is Friday, May 16th. 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 1.71%. Otis Worldwide’s payout ratio is presently 44.09%.

Analysts Set New Price Targets

OTIS has been the topic of several research reports. Barclays dropped their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Friday, April 25th. Royal Bank of Canada dropped their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. JPMorgan Chase & Co. upped their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, May 16th. Finally, Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock 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.