Ipswich Investment Management Co. Inc. Acquires 450 Shares of Otis Worldwide Co. (NYSE:OTIS)

Ipswich Investment Management Co. Inc. raised its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,576 shares of the company’s stock after buying an additional 450 shares during the quarter. Otis Worldwide comprises approximately 1.4% of Ipswich Investment Management Co. Inc.’s holdings, making the stock its 22nd largest position. Ipswich Investment Management Co. Inc.’s holdings in Otis Worldwide were worth $6,192,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of OTIS. Hancock Whitney Corp grew its holdings in Otis Worldwide by 4.6% during the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock valued at $253,000 after buying an additional 111 shares in the last quarter. Optas LLC grew its holdings in shares of Otis Worldwide by 2.2% in the third quarter. Optas LLC now owns 5,522 shares of the company’s stock valued at $574,000 after purchasing an additional 118 shares in the last quarter. Brighton Jones LLC increased its position in Otis Worldwide by 5.0% in the second quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock worth $248,000 after purchasing an additional 124 shares during the last quarter. Park Avenue Securities LLC raised its stake in Otis Worldwide by 0.9% during the second quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock valued at $1,437,000 after purchasing an additional 127 shares in the last quarter. Finally, Resonant Capital Advisors LLC lifted its position in Otis Worldwide by 4.6% during the second quarter. Resonant Capital Advisors LLC now owns 3,426 shares of the company’s stock valued at $330,000 after purchasing an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.23% of the stock is owned by company insiders.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $99.10 on Friday. Otis Worldwide Co. has a fifty-two week low of $83.21 and a fifty-two week high of $106.33. The company has a market capitalization of $39.59 billion, a PE ratio of 24.71 and a beta of 1.04. The company has a 50 day moving average price of $100.41 and a 200-day moving average price of $97.27.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company’s revenue for the quarter was up .7% on a year-over-year basis. During the same period last year, the firm earned $0.95 earnings per share. On average, analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is 38.90%.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. UBS Group started coverage on Otis Worldwide in a report on Wednesday. They set a “neutral” rating and a $113.00 price target on the stock. Barclays decreased their price objective on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Finally, Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average target price of $104.57.

About Otis Worldwide

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.