Kentucky Retirement Systems Has $3.06 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

Kentucky Retirement Systems trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,791 shares of the company’s stock after selling 1,954 shares during the quarter. Kentucky Retirement Systems’ holdings in Otis Worldwide were worth $3,057,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the company. Cetera Trust Company N.A bought a new position in shares of Otis Worldwide in the 4th quarter valued at approximately $27,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Otis Worldwide in the 4th quarter valued at approximately $28,000. LifeSteps Financial Inc. bought a new position in shares of Otis Worldwide in the 1st quarter valued at approximately $31,000. Pacific Capital Wealth Advisors Inc. bought a new position in shares of Otis Worldwide in the 4th quarter valued at approximately $35,000. Finally, Accent Capital Management LLC bought a new position in shares of Otis Worldwide in the 4th quarter valued at approximately $36,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the transaction, the executive vice president now owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS traded down $0.58 on Monday, reaching $92.90. 326,584 shares of the stock traded hands, compared to its average volume of 2,091,581. The firm has a market cap of $37.21 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. The stock’s 50-day moving average price is $97.19 and its 200-day moving average price is $95.13.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $1.03 by $0.03. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. Otis Worldwide’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.92 EPS. As a group, equities research analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date is Friday, August 16th. Otis Worldwide’s dividend payout ratio is currently 45.09%.

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.