Ipswich Investment Management Co. Inc. Lowers Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Ipswich Investment Management Co. Inc. cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 49,451 shares of the company’s stock after selling 840 shares during the period. Otis Worldwide accounts for approximately 1.3% of Ipswich Investment Management Co. Inc.’s holdings, making the stock its 27th biggest holding. Ipswich Investment Management Co. Inc.’s holdings in Otis Worldwide were worth $5,103,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in OTIS. NBC Securities Inc. acquired a new position in shares of Otis Worldwide during the 1st quarter valued at $25,000. Transce3nd LLC acquired a new position in shares of Otis Worldwide during the 4th quarter valued at $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Otis Worldwide during the 4th quarter valued at $28,000. Centricity Wealth Management LLC acquired a new position in shares of Otis Worldwide during the 4th quarter valued at $33,000. Finally, Flagship Wealth Advisors LLC acquired a new position in shares of Otis Worldwide during the 4th quarter valued at $34,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on OTIS. Royal Bank of Canada reduced their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th. JPMorgan Chase & Co. boosted their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, May 16th. Finally, Barclays cut their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Friday, April 25th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $100.71.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $95.72 on Friday. Otis Worldwide Co. has a 12 month low of $89.70 and a 12 month high of $106.83. The firm has a market capitalization of $37.78 billion, a P/E ratio of 23.58 and a beta of 0.98. The company’s fifty day moving average price is $96.20 and its two-hundred day moving average price is $97.04.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.01. The business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.88 EPS. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date was Friday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s dividend payout ratio is 44.09%.

Otis Worldwide 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.