OLD National Bancorp IN Cuts Stake in Otis Worldwide Co. (NYSE:OTIS)

OLD National Bancorp IN reduced its stake in Otis Worldwide Co. (NYSE:OTIS) by 17.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,724 shares of the company’s stock after selling 577 shares during the period. OLD National Bancorp IN’s holdings in Otis Worldwide were worth $281,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Coldstream Capital Management Inc. grew its stake in shares of Otis Worldwide by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company’s stock worth $249,000 after acquiring an additional 109 shares during the last quarter. Montis Financial LLC boosted its position in shares of Otis Worldwide by 5.2% during the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock valued at $205,000 after buying an additional 110 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of Otis Worldwide by 15.3% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company’s stock valued at $85,000 after buying an additional 110 shares during the last quarter. AlTi Global Inc. boosted its position in shares of Otis Worldwide by 4.9% during the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company’s stock valued at $223,000 after buying an additional 113 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC boosted its position in shares of Otis Worldwide by 1.7% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock valued at $643,000 after buying an additional 114 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

OTIS stock opened at $95.28 on Wednesday. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The business’s 50-day moving average is $96.00 and its two-hundred day moving average is $97.13. The company has a market cap of $37.61 billion, a price-to-earnings ratio of 23.47 and a beta of 0.98.

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

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were paid a $0.42 dividend. The ex-dividend date was Friday, May 16th. This represents a $1.68 annualized dividend and a dividend yield of 1.76%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s dividend payout ratio (DPR) is 44.09%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Wells Fargo & Company dropped their price objective on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 24th. Barclays dropped their price objective on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research report on Friday, April 25th. Royal Bank of Canada dropped their price objective on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Finally, 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 report on Friday, May 16th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and a consensus target price of $100.71.

Otis Worldwide Company 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.