Rockland Trust Co. Sells 1,257 Shares of Otis Worldwide Co. (NYSE:OTIS)

Rockland Trust Co. lessened its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,173 shares of the company’s stock after selling 1,257 shares during the quarter. Rockland Trust Co.’s holdings in Otis Worldwide were worth $2,053,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Riverview Trust Co acquired a new position in shares of Otis Worldwide during the third quarter valued at about $25,000. Northwest Investment Counselors LLC bought a new position in Otis Worldwide in the 3rd quarter valued at about $28,000. Ashton Thomas Securities LLC acquired a new position in Otis Worldwide during the 3rd quarter valued at about $29,000. Cranbrook Wealth Management LLC increased its holdings in Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after purchasing an additional 250 shares in the last quarter. Finally, Fortitude Family Office LLC raised its stake in shares of Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OTIS has been the subject of several recent analyst reports. UBS Group assumed coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Barclays decreased their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Wells Fargo & Company cut their target price on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and a consensus price target of $103.50.

Otis Worldwide Price Performance

NYSE:OTIS opened at $91.72 on Wednesday. The company has a market capitalization of $36.64 billion, a P/E ratio of 22.87 and a beta of 1.06. The business has a fifty day simple moving average of $97.23 and a two-hundred day simple moving average of $97.34. Otis Worldwide Co. has a 1 year low of $85.42 and a 1 year high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same period last year, the business posted $0.95 EPS. The company’s revenue was up .7% compared to the same quarter last year. As a group, analysts anticipate that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.70%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by insiders.

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.