Carolina Wealth Advisors LLC Has $210,000 Stake in Otis Worldwide Co. (NYSE:OTIS)

Carolina Wealth Advisors LLC grew its position in Otis Worldwide Co. (NYSE:OTIS) by 347.6% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 2,265 shares of the company’s stock after purchasing an additional 1,759 shares during the quarter. Carolina Wealth Advisors LLC’s holdings in Otis Worldwide were worth $210,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in OTIS. Riverview Trust Co bought a new position in shares of Otis Worldwide in the third quarter valued at $25,000. Northwest Investment Counselors LLC purchased a new position in shares of Otis Worldwide in the third quarter worth about $28,000. Ashton Thomas Securities LLC bought a new position in shares of Otis Worldwide in the third quarter valued at approximately $29,000. Fortitude Family Office LLC boosted its position in shares of Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after acquiring an additional 267 shares during the period. Finally, Capital Performance Advisors LLP bought a new stake in Otis Worldwide during the third quarter valued at approximately $34,000. 88.03% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently commented on OTIS. UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Barclays dropped their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. JPMorgan Chase & Co. reduced their price target on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a research report on Wednesday. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Wells Fargo & Company lowered their target price on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $103.88.

Otis Worldwide Stock Up 0.5 %

Shares of Otis Worldwide stock opened at $92.22 on Thursday. The business’s fifty day simple moving average is $97.23 and its 200-day simple moving average is $97.34. Otis Worldwide Co. has a 52 week low of $85.42 and a 52 week high of $106.33. The firm has a market cap of $36.84 billion, a PE ratio of 23.00 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 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter last year, the company earned $0.95 EPS. Otis Worldwide’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, equities analysts expect that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s dividend payout ratio is presently 38.90%.

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.