Lee Danner & Bass Inc. Reduces Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Lee Danner & Bass Inc. reduced its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 31.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,444 shares of the company’s stock after selling 3,801 shares during the period. Lee Danner & Bass Inc.’s holdings in Otis Worldwide were worth $755,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in OTIS. Cetera Trust Company N.A purchased a new position in Otis Worldwide in the 4th quarter worth approximately $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in Otis Worldwide in the 4th quarter worth approximately $28,000. Orion Capital Management LLC bought a new stake in Otis Worldwide in the 3rd quarter worth approximately $30,000. NBC Securities Inc. bought a new stake in Otis Worldwide in the 3rd quarter worth approximately $33,000. Finally, CNB Bank increased its stake in Otis Worldwide by 81.0% in the 3rd quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after acquiring an additional 192 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on OTIS shares. Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research note on Thursday, February 22nd. Vertical Research downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Melius started coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Wells Fargo & Company cut their target price on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 1st. Finally, Barclays boosted their target price on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $95.00.

Insider Activity

In related news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was 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 owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction on Wednesday, February 7th. The stock was 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 $17,660,653.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide 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 sale, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $96.29 on Tuesday. The stock’s 50-day simple moving average is $96.21 and its 200-day simple moving average is $89.09. The firm has a market capitalization of $38.92 billion, a PE ratio of 28.40 and a beta of 1.01. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35.

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. The firm had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.57 billion. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. During the same period last year, the company earned $0.75 earnings per share. Sell-side analysts forecast that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were given a $0.34 dividend. The ex-dividend date was Thursday, February 15th. This represents a $1.36 annualized dividend and a dividend yield of 1.41%. Otis Worldwide’s dividend payout ratio (DPR) is presently 40.12%.

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.