Cambridge Trust Co. Sells 475 Shares of Otis Worldwide Co. (NYSE:OTIS)

Cambridge Trust Co. lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 8.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 4,912 shares of the company’s stock after selling 475 shares during the period. Cambridge Trust Co.’s holdings in Otis Worldwide were worth $488,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of OTIS. Nordea Investment Management AB grew its holdings in Otis Worldwide by 19.6% in the first quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock worth $46,138,000 after purchasing an additional 75,878 shares during the period. Stevens Capital Management LP grew its holdings in shares of Otis Worldwide by 142.1% during the fourth quarter. Stevens Capital Management LP now owns 7,555 shares of the company’s stock valued at $676,000 after buying an additional 4,435 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Otis Worldwide by 13,638.0% during the fourth quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock valued at $13,570,000 after buying an additional 150,563 shares during the last quarter. Johnson Investment Counsel Inc. grew its holdings in shares of Otis Worldwide by 1.9% during the fourth quarter. Johnson Investment Counsel Inc. now owns 9,329 shares of the company’s stock valued at $835,000 after buying an additional 175 shares during the last quarter. Finally, Smith Salley & Associates acquired a new position in shares of Otis Worldwide during the fourth quarter valued at about $1,113,000. Institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the transaction, the executive vice president now owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on OTIS. JPMorgan Chase & Co. lifted their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Argus boosted their price target on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Finally, Wells Fargo & Company cut their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $98.83.

Otis Worldwide Trading Down 0.0 %

NYSE:OTIS traded down $0.01 on Friday, reaching $94.29. 3,107,146 shares of the stock traded hands, compared to its average volume of 2,434,203. The company has a market capitalization of $38.12 billion, a price-to-earnings ratio of 27.25 and a beta of 1.03. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.84. The company’s fifty day simple moving average is $96.82 and its 200 day simple moving average is $95.28.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. During the same period last year, the business earned $0.92 EPS. Otis Worldwide’s revenue was down 3.2% compared to the same quarter last year. Equities analysts anticipate that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend is Friday, August 16th. Otis Worldwide’s dividend payout ratio is currently 45.09%.

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.