Rockland Trust Co. Trims Stake in Otis Worldwide Corporation $OTIS

Rockland Trust Co. lowered its position in Otis Worldwide Corporation (NYSE:OTIS) by 35.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,306 shares of the company’s stock after selling 6,854 shares during the quarter. Rockland Trust Co.’s holdings in Otis Worldwide were worth $1,125,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Azzad Asset Management Inc. ADV grew its position in Otis Worldwide by 38.5% during the third quarter. Azzad Asset Management Inc. ADV now owns 9,223 shares of the company’s stock worth $843,000 after buying an additional 2,566 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Otis Worldwide by 51.5% in the 3rd quarter. Smartleaf Asset Management LLC now owns 2,172 shares of the company’s stock valued at $198,000 after acquiring an additional 738 shares in the last quarter. HORAN Wealth LLC bought a new stake in shares of Otis Worldwide during the 3rd quarter valued at about $283,000. BI Asset Management Fondsmaeglerselskab A S grew its holdings in shares of Otis Worldwide by 40.6% during the third quarter. BI Asset Management Fondsmaeglerselskab A S now owns 24,894 shares of the company’s stock worth $2,276,000 after purchasing an additional 7,185 shares in the last quarter. Finally, Savant Capital LLC increased its position in shares of Otis Worldwide by 25.2% in the third quarter. Savant Capital LLC now owns 33,023 shares of the company’s stock worth $3,019,000 after purchasing an additional 6,647 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on OTIS. New Street Research set a $98.00 target price on shares of Otis Worldwide in a research note on Friday, January 30th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price on the stock. in a research note on Friday, January 30th. Finally, Wells Fargo & Company lowered their price target on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research report on Monday, December 15th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $101.44.

Insider Buying and Selling

In related news, CAO Michael Patrick Ryan sold 1,182 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total transaction of $106,450.92. Following the transaction, the chief accounting officer directly owned 3,504 shares in the company, valued at $315,570.24. This trade represents a 25.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Neil Green sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total value of $518,700.00. Following the completion of the sale, the executive vice president owned 3,773 shares of the company’s stock, valued at $326,175.85. The trade was a 61.39% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 110,069 shares of company stock worth $9,914,801 in the last ninety days. 0.23% of the stock is owned by insiders.

Otis Worldwide Stock Performance

OTIS stock opened at $90.03 on Wednesday. Otis Worldwide Corporation has a 52 week low of $84.00 and a 52 week high of $106.83. The firm’s fifty day moving average is $88.54 and its 200 day moving average is $88.87. The firm has a market cap of $35.00 billion, a P/E ratio of 25.72, a P/E/G ratio of 2.69 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, hitting the consensus estimate of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The business had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the previous year, the firm posted $0.93 earnings per share. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. As a group, analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be issued a dividend of $0.42 per share. The ex-dividend date is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s dividend payout ratio is currently 48.00%.

About Otis Worldwide

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.