Scissortail Wealth Management LLC Acquires Shares of 3,229 Otis Worldwide Co. (NYSE:OTIS)

Scissortail Wealth Management LLC acquired a new stake in Otis Worldwide Co. (NYSE:OTIS) in the fourth quarter, Holdings Channel reports. The fund acquired 3,229 shares of the company’s stock, valued at approximately $288,000.

A number of other hedge funds have also recently added to or reduced their stakes in OTIS. Tyche Wealth Partners LLC purchased a new position in shares of Otis Worldwide during the fourth quarter valued at approximately $202,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Otis Worldwide by 1.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 112,713 shares of the company’s stock worth $10,084,000 after acquiring an additional 1,280 shares during the period. Sentry Investment Management LLC lifted its holdings in Otis Worldwide by 208.3% during the fourth quarter. Sentry Investment Management LLC now owns 7,365 shares of the company’s stock worth $659,000 after acquiring an additional 4,976 shares during the period. Waldron Private Wealth LLC lifted its holdings in Otis Worldwide by 9.1% during the fourth quarter. Waldron Private Wealth LLC now owns 4,220 shares of the company’s stock worth $377,000 after acquiring an additional 352 shares during the period. Finally, Louisiana State Employees Retirement System bought a new stake in Otis Worldwide during the fourth quarter worth $2,210,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In other news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on OTIS shares. Barclays lifted their price target on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Royal Bank of Canada restated an “outperform” rating and issued a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. Wells Fargo & Company lowered their target price on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 1st. UBS Group boosted their target price on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Finally, Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research note on Thursday, February 22nd. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $94.29.

Otis Worldwide Trading Down 0.1 %

Shares of NYSE OTIS traded down $0.07 during mid-day trading on Wednesday, hitting $95.98. The company had a trading volume of 1,192,671 shares, compared to its average volume of 1,464,583. The company has a market capitalization of $38.79 billion, a price-to-earnings ratio of 28.31 and a beta of 1.01. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.35. The stock’s 50-day moving average price is $95.87 and its 200-day moving average price is $88.64.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.85 by $0.02. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. The business had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.57 billion. During the same period in the previous year, the business earned $0.75 earnings per share. As a group, equities research analysts forecast that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide’s payout ratio is currently 40.12%.

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.