Pitcairn Co. Invests $375,000 in Otis Worldwide (NASDAQ:OTIS)

Pitcairn Co. purchased a new position in shares of Otis Worldwide (NASDAQ:OTIS) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,628 shares of the company’s stock, valued at approximately $375,000.

Several other large investors also recently made changes to their positions in OTIS. Core Alternative Capital acquired a new stake in Otis Worldwide in the second quarter valued at $25,000. Independence Bank of Kentucky acquired a new stake in Otis Worldwide in the second quarter valued at $26,000. Sowa Financial Group Inc. acquired a new stake in Otis Worldwide in the second quarter valued at $26,000. Truehand Inc acquired a new stake in Otis Worldwide in the second quarter valued at $27,000. Finally, Gradient Investments LLC acquired a new stake in Otis Worldwide in the second quarter valued at $27,000.

In other news, insider Montlivault Stephane De sold 10,454 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $51.81, for a total transaction of $541,621.74. Following the transaction, the insider now owns 1,403 shares of the company’s stock, valued at approximately $72,689.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

OTIS has been the subject of a number of recent research reports. Vertical Research initiated coverage on Otis Worldwide in a report on Monday, April 6th. They issued a “buy” rating and a $53.00 price objective for the company. Credit Suisse Group increased their price objective on Otis Worldwide from $55.00 to $66.00 and gave the company a “neutral” rating in a report on Wednesday. JPMorgan Chase & Co. increased their price objective on Otis Worldwide from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, May 12th. Barclays reiterated a “hold” rating on shares of Otis Worldwide in a report on Friday, May 8th. Finally, William Blair assumed coverage on Otis Worldwide in a report on Friday, May 8th. They set a “market perform” rating for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. Otis Worldwide has an average rating of “Hold” and an average price target of $58.63.

OTIS stock opened at $62.75 on Friday. The company has a market cap of $27.17 billion and a PE ratio of 32.68. The stock’s 50-day moving average is $57.45. Otis Worldwide has a 1 year low of $38.00 and a 1 year high of $64.52.

Otis Worldwide (NASDAQ:OTIS) last released its quarterly earnings data on Tuesday, July 28th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.12. The company had revenue of $3.03 billion for the quarter, compared to the consensus estimate of $2.92 billion. Otis Worldwide’s revenue was down 9.6% on a year-over-year basis.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Friday, August 21st will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.27%. Otis Worldwide’s dividend payout ratio (DPR) is presently 41.67%.

About Otis Worldwide

There is no company description available for Otis Worldwide Corp.

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Institutional Ownership by Quarter for Otis Worldwide (NASDAQ:OTIS)

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