Kentucky Retirement Systems Insurance Trust Fund Decreases Position in Otis Worldwide Co. (NYSE:OTIS)

Kentucky Retirement Systems Insurance Trust Fund lessened its holdings in Otis Worldwide Co. (NYSE:OTIS) by 8.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,380 shares of the company’s stock after selling 1,200 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Otis Worldwide were worth $1,328,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Cetera Trust Company N.A purchased a new position in shares of Otis Worldwide in the fourth quarter valued at about $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Otis Worldwide in the fourth quarter valued at about $28,000. LifeSteps Financial Inc. purchased a new position in shares of Otis Worldwide in the first quarter valued at about $31,000. Pacific Capital Wealth Advisors Inc. purchased a new position in shares of Otis Worldwide in the fourth quarter valued at about $35,000. Finally, Accent Capital Management LLC purchased a new position in shares of Otis Worldwide in the fourth quarter valued at about $36,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the transaction, the executive vice president now owns 15,570 shares in the company, valued at $1,458,753.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is owned by company insiders.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded down $0.30 during midday trading on Monday, reaching $93.18. The stock had a trading volume of 364,914 shares, compared to its average volume of 2,091,581. The stock has a 50-day moving average of $97.19 and a 200-day moving average of $95.13. The company has a market capitalization of $37.32 billion, a price-to-earnings ratio of 27.02 and a beta of 1.03. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.92 earnings per share. As a group, analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Friday, August 16th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.67%. Otis Worldwide’s dividend payout ratio is 45.09%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Barclays boosted their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Argus lifted their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Melius assumed coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating on the stock. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday. Finally, JPMorgan Chase & Co. lifted their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $98.83.

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.