Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Ipswich Investment Management Co. Inc.

Ipswich Investment Management Co. Inc. lifted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 59,576 shares of the company’s stock after purchasing an additional 450 shares during the quarter. Otis Worldwide accounts for approximately 1.4% of Ipswich Investment Management Co. Inc.’s investment portfolio, making the stock its 22nd biggest holding. Ipswich Investment Management Co. Inc.’s holdings in Otis Worldwide were worth $6,192,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. PineStone Asset Management Inc. raised its position in Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after buying an additional 2,590,780 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Otis Worldwide by 3,673.6% during the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock worth $232,662,000 after purchasing an additional 2,201,988 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after purchasing an additional 907,972 shares during the period. Sarasin & Partners LLP boosted its holdings in Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after purchasing an additional 883,659 shares during the last quarter. Finally, Brown Brothers Harriman & Co. grew its position in Otis Worldwide by 2,782.3% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after purchasing an additional 786,897 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction 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 directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on OTIS shares. Morgan Stanley initiated coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday. They issued a “neutral” rating and a $113.00 price objective on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Barclays lowered their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Finally, Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $104.57.

Otis Worldwide Trading Down 0.2 %

OTIS stock opened at $99.10 on Friday. The business’s 50-day moving average is $100.41 and its 200 day moving average is $97.27. Otis Worldwide Co. has a 12-month low of $83.21 and a 12-month high of $106.33. The stock has a market cap of $39.59 billion, a price-to-earnings ratio of 24.71 and a beta of 1.04.

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 analysts’ consensus estimates of $0.97 by ($0.01). The firm had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.95 EPS. As a group, equities analysts forecast that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is 38.90%.

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.