State of Alaska Department of Revenue Sells 10,341 Shares of Otis Worldwide Corporation $OTIS

State of Alaska Department of Revenue trimmed its position in Otis Worldwide Corporation (NYSE:OTIS) by 17.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 49,767 shares of the company’s stock after selling 10,341 shares during the period. State of Alaska Department of Revenue’s holdings in Otis Worldwide were worth $4,346,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Root Financial Partners LLC purchased a new stake in Otis Worldwide in the third quarter worth $26,000. Stance Capital LLC purchased a new stake in Otis Worldwide in the third quarter worth $27,000. Rakuten Investment Management Inc. purchased a new stake in Otis Worldwide in the third quarter worth $31,000. Oakworth Capital Inc. grew its stake in Otis Worldwide by 49.1% in the third quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after purchasing an additional 113 shares during the period. Finally, Physician Wealth Advisors Inc. grew its stake in Otis Worldwide by 57.7% in the third quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock worth $31,000 after purchasing an additional 124 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on OTIS shares. Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Evercore started coverage on Otis Worldwide in a research note on Monday. They issued an “outperform” rating and a $100.00 price target on the stock. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a research note on Friday, January 30th. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, April 8th. Finally, New Street Research set a $98.00 price target on Otis Worldwide in a research note on Friday, January 30th. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $98.90.

Otis Worldwide Trading Down 1.1%

NYSE OTIS opened at $80.97 on Thursday. Otis Worldwide Corporation has a 12 month low of $75.27 and a 12 month high of $101.42. The stock has a market cap of $31.47 billion, a P/E ratio of 23.13, a P/E/G ratio of 2.50 and a beta of 1.05. The stock’s fifty day moving average price is $84.98 and its 200-day moving average price is $87.84.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, hitting analysts’ consensus estimates of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The firm had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the prior year, the firm posted $0.93 earnings per share. The company’s quarterly revenue was up 3.3% on a year-over-year basis. As a group, analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 13th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, February 13th. Otis Worldwide’s dividend payout ratio is currently 48.00%.

Insider Buying and Selling

In other news, EVP Neil Green sold 6,000 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total value of $518,700.00. Following the sale, the executive vice president directly owned 3,773 shares of the company’s stock, valued at approximately $326,175.85. This represents a 61.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Montlivault Stephane De sold 47,944 shares of the stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $92.25, for a total value of $4,422,834.00. Following the completion of the sale, the insider directly owned 29,176 shares in the company, valued at approximately $2,691,486. This represents a 62.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 158,013 shares of company stock valued at $14,337,635. Insiders own 0.23% of the company’s stock.

Otis Worldwide Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.