Cambridge Trust Co. decreased its holdings in Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 3.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,133 shares of the company’s stock after selling 198 shares during the period. Cambridge Trust Co.’s holdings in Otis Worldwide were worth $402,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of OTIS. Independence Bank of Kentucky increased its holdings in shares of Otis Worldwide by 980.4% in the fourth quarter. Independence Bank of Kentucky now owns 551 shares of the company’s stock valued at $43,000 after purchasing an additional 500 shares during the last quarter. Yousif Capital Management LLC grew its stake in Otis Worldwide by 22.3% in the 4th quarter. Yousif Capital Management LLC now owns 74,490 shares of the company’s stock valued at $5,833,000 after buying an additional 13,572 shares during the last quarter. General Partner Inc. bought a new position in Otis Worldwide in the 4th quarter valued at about $273,000. Perigon Wealth Management LLC lifted its position in Otis Worldwide by 30.1% during the third quarter. Perigon Wealth Management LLC now owns 15,693 shares of the company’s stock worth $1,001,000 after acquiring an additional 3,632 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in shares of Otis Worldwide by 2.7% during the third quarter. Robeco Institutional Asset Management B.V. now owns 151,927 shares of the company’s stock worth $9,692,000 after acquiring an additional 4,061 shares during the period. Institutional investors own 83.95% of the company’s stock.
Analyst Ratings Changes
OTIS has been the topic of a number of recent research reports. Barclays increased their target price on Otis Worldwide from $80.00 to $81.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 2nd. Cowen lifted their target price on Otis Worldwide from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Thursday, February 2nd. Wells Fargo & Company upped their price target on shares of Otis Worldwide from $76.00 to $82.00 and gave the company an “underweight” rating in a research note on Thursday, February 2nd. Finally, Morgan Stanley boosted their price objective on shares of Otis Worldwide from $84.00 to $89.00 and gave the company an “equal weight” rating in a report on Thursday, February 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $81.00.
Otis Worldwide Stock Down 1.8 %
Otis Worldwide (NYSE:OTIS – Get Rating) last announced its quarterly earnings data on Wednesday, February 1st. The company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.02. Otis Worldwide had a net margin of 9.16% and a negative return on equity of 27.69%. The business had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.40 billion. During the same period last year, the firm posted $0.72 earnings per share. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. Equities analysts predict that Otis Worldwide Co. will post 3.43 EPS for the current year.
Otis Worldwide Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Friday, February 17th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Thursday, February 16th. This represents a $1.16 annualized dividend and a dividend yield of 1.45%. Otis Worldwide’s dividend payout ratio is currently 39.06%.
Insider Activity at Otis Worldwide
In other news, insider Montlivault Stephane De sold 16,005 shares of the stock in a transaction dated Friday, February 3rd. The shares were sold at an average price of $84.26, for a total value of $1,348,581.30. Following the completion of the transaction, the insider now owns 21,161 shares of the company’s stock, valued at $1,783,025.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Michael Patrick Ryan sold 3,018 shares of the business’s stock in a transaction on Monday, February 6th. The stock was sold at an average price of $84.46, for a total transaction of $254,900.28. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Montlivault Stephane De sold 16,005 shares of the company’s stock in a transaction dated Friday, February 3rd. The stock was sold at an average price of $84.26, for a total value of $1,348,581.30. Following the completion of the transaction, the insider now directly owns 21,161 shares of the company’s stock, valued at approximately $1,783,025.86. The disclosure for this sale can be found here. Insiders have sold 32,777 shares of company stock valued at $2,759,404 over the last ninety days. 0.11% of the stock is owned by corporate insiders.
Otis Worldwide Profile
Otis Worldwide Corporation manufactures, installs, and services 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.
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