Thrivent Financial for Lutherans Trims Position in Otis Worldwide Corporation $OTIS

Thrivent Financial for Lutherans reduced its position in Otis Worldwide Corporation (NYSE:OTIS) by 23.6% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 85,686 shares of the company’s stock after selling 26,427 shares during the period. Thrivent Financial for Lutherans’ holdings in Otis Worldwide were worth $7,834,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. Root Financial Partners LLC acquired a new position in Otis Worldwide in the third quarter valued at $26,000. Chilton Capital Management LLC acquired a new position in shares of Otis Worldwide during the 2nd quarter valued at about $31,000. Nemes Rush Group LLC lifted its holdings in shares of Otis Worldwide by 75.4% during the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after acquiring an additional 135 shares during the period. Rakuten Investment Management Inc. acquired a new stake in shares of Otis Worldwide in the third quarter worth approximately $31,000. Finally, MTM Investment Management LLC purchased a new stake in Otis Worldwide in the second quarter valued at approximately $40,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

NYSE:OTIS opened at $91.20 on Friday. The business’s 50-day moving average is $88.44 and its two-hundred day moving average is $89.02. The firm has a market capitalization of $35.54 billion, a PE ratio of 26.06, a price-to-earnings-growth ratio of 2.72 and a beta of 1.01. Otis Worldwide Corporation has a 12 month low of $84.00 and a 12 month high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.03. The business had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.88 billion. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.93 earnings per share. Equities analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be paid a dividend of $0.42 per share. The ex-dividend date is Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.8%. Otis Worldwide’s dividend payout ratio (DPR) is currently 48.00%.

Insider Buying and Selling

In other Otis Worldwide news, EVP Neil Green sold 6,000 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total value of $518,700.00. Following the transaction, the executive vice president owned 3,773 shares in the company, valued at $326,175.85. The trade was a 61.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Judith Fran Marks sold 56,107 shares of the firm’s stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $90.89, for a total value of $5,099,565.23. Following the sale, the chief executive officer owned 231,072 shares of the company’s stock, valued at $21,002,134.08. This represents a 19.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 108,887 shares of company stock worth $9,808,350 in the last quarter. Insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. New Street Research set a $98.00 price target on Otis Worldwide in a research report on Friday, January 30th. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, December 15th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $101.44.

About Otis Worldwide

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.