Bar Harbor Wealth Management Sells 508 Shares of Otis Worldwide Co. (NYSE:OTIS)

Bar Harbor Wealth Management lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 11.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 4,036 shares of the company’s stock after selling 508 shares during the period. Bar Harbor Wealth Management’s holdings in Otis Worldwide were worth $374,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Acadian Asset Management LLC boosted its stake in shares of Otis Worldwide by 96.2% in the 2nd quarter. Acadian Asset Management LLC now owns 13,335 shares of the company’s stock valued at $1,282,000 after purchasing an additional 6,537 shares in the last quarter. Meeder Asset Management Inc. boosted its position in Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after buying an additional 196 shares in the last quarter. DekaBank Deutsche Girozentrale grew its stake in shares of Otis Worldwide by 26.3% during the second quarter. DekaBank Deutsche Girozentrale now owns 205,529 shares of the company’s stock worth $19,658,000 after buying an additional 42,803 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Otis Worldwide by 2.6% during the second quarter. Parallel Advisors LLC now owns 9,441 shares of the company’s stock worth $909,000 after buying an additional 242 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its stake in shares of Otis Worldwide by 2,782.3% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock valued at $78,469,000 after acquiring an additional 786,897 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Barclays reduced their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Wells Fargo & Company reduced their price target on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. UBS Group started coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $103.50.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $90.89 on Tuesday. Otis Worldwide Co. has a 52 week low of $85.42 and a 52 week high of $106.33. The firm’s fifty day moving average is $97.40 and its 200-day moving average is $97.37. The firm has a market cap of $36.31 billion, a P/E ratio of 22.67 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the company posted $0.95 EPS. The business’s revenue was up .7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.72%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

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.