Woodstock Corp Cuts Stake in Otis Worldwide Co. (NYSE:OTIS)

Woodstock Corp lessened its position in Otis Worldwide Co. (NYSE:OTIS) by 1.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 13,124 shares of the company’s stock after selling 127 shares during the period. Woodstock Corp’s holdings in Otis Worldwide were worth $1,303,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Massmutual Trust Co. FSB ADV lifted its position in Otis Worldwide by 7.1% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,867 shares of the company’s stock valued at $185,000 after purchasing an additional 124 shares during the period. Mather Group LLC. purchased a new stake in shares of Otis Worldwide in the first quarter valued at approximately $202,000. GAMMA Investing LLC boosted its stake in shares of Otis Worldwide by 30.4% in the first quarter. GAMMA Investing LLC now owns 2,695 shares of the company’s stock valued at $268,000 after buying an additional 629 shares in the last quarter. Canandaigua National Bank & Trust Co. grew its holdings in Otis Worldwide by 0.6% during the first quarter. Canandaigua National Bank & Trust Co. now owns 27,915 shares of the company’s stock worth $2,771,000 after acquiring an additional 156 shares during the period. Finally, Nomura Holdings Inc. purchased a new position in Otis Worldwide in the fourth quarter worth $4,569,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

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

Otis Worldwide Price Performance

OTIS traded down $0.08 during trading on Thursday, hitting $96.42. The company had a trading volume of 434,602 shares, compared to its average volume of 2,026,776. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.84. The company has a market cap of $38.98 billion, a PE ratio of 27.92 and a beta of 1.04. The business has a 50-day moving average of $96.17 and a 200-day moving average of $93.50.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The business had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Research analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 17th were issued a $0.39 dividend. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date was Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.62%. Otis Worldwide’s dividend payout ratio (DPR) is 45.09%.

Analysts Set New Price Targets

Several brokerages have weighed in on OTIS. Argus upped their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Melius assumed coverage on Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Wells Fargo & Company reduced their price objective on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a report on Thursday, April 25th. Barclays upped their target price on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Finally, 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 note on Thursday, April 25th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $97.71.

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.