Ridgewood Investments LLC Purchases 1,558 Shares of Otis Worldwide Co. (NYSE:OTIS)

Ridgewood Investments LLC grew its position in Otis Worldwide Co. (NYSE:OTIS) by 43.7% during the fourth quarter, HoldingsChannel.com reports. The firm owned 5,124 shares of the company’s stock after buying an additional 1,558 shares during the quarter. Ridgewood Investments LLC’s holdings in Otis Worldwide were worth $475,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Appian Way Asset Management LP bought a new stake in shares of Otis Worldwide in the second quarter valued at about $991,000. M&T Bank Corp lifted its holdings in shares of Otis Worldwide by 11.2% in the third quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after purchasing an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Otis Worldwide by 11.1% in the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after purchasing an additional 4,918 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after acquiring an additional 8,161,946 shares in the last quarter. Finally, Blair William & Co. IL raised its holdings in Otis Worldwide by 64.7% during the second quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock worth $2,363,000 after acquiring an additional 9,643 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Down 1.1 %

Shares of Otis Worldwide stock traded down $1.03 on Friday, hitting $90.76. The stock had a trading volume of 631,780 shares, compared to its average volume of 1,693,429. Otis Worldwide Co. has a twelve month low of $85.42 and a twelve month high of $106.33. The business’s 50 day moving average is $97.74 and its two-hundred day moving average is $97.43. The stock has a market cap of $36.26 billion, a price-to-earnings ratio of 22.63 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.95 EPS. As a group, equities analysts predict that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Barclays dropped their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday. Wells Fargo & Company dropped their target price on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a report on Thursday, December 12th. Finally, UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and an average target price of $103.50.

About Otis Worldwide

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.