Bangor Savings Bank Has $117,000 Position in Otis Worldwide Co. (NYSE:OTIS)

Bangor Savings Bank decreased its position in Otis Worldwide Co. (NYSE:OTIS) by 21.7% during the 1st quarter, HoldingsChannel reports. The fund owned 1,174 shares of the company’s stock after selling 325 shares during the quarter. Bangor Savings Bank’s holdings in Otis Worldwide were worth $117,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Envestnet Portfolio Solutions Inc. bought a new stake in Otis Worldwide during the third quarter worth about $1,384,000. Envestnet Asset Management Inc. lifted its stake in Otis Worldwide by 28.9% in the third quarter. Envestnet Asset Management Inc. now owns 483,820 shares of the company’s stock valued at $38,856,000 after acquiring an additional 108,578 shares during the last quarter. Dark Forest Capital Management LP grew its position in shares of Otis Worldwide by 47.3% in the 3rd quarter. Dark Forest Capital Management LP now owns 8,703 shares of the company’s stock valued at $699,000 after acquiring an additional 2,793 shares during the period. LPL Financial LLC lifted its position in shares of Otis Worldwide by 18.7% in the third quarter. LPL Financial LLC now owns 117,092 shares of the company’s stock valued at $9,404,000 after buying an additional 18,478 shares during the last quarter. Finally, Mariner LLC boosted its stake in shares of Otis Worldwide by 10.2% during the 3rd quarter. Mariner LLC now owns 63,499 shares of the company’s stock worth $5,100,000 after acquiring an additional 5,861 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $95.92 on Monday. The stock has a fifty day moving average of $96.14 and a 200-day moving average of $93.69. The stock has a market capitalization of $38.78 billion, a P/E ratio of 27.72 and a beta of 1.04. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.84.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. On average, research analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 17th were given a dividend of $0.39 per share. The ex-dividend date was Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.63%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio is 45.09%.

Wall Street Analyst Weigh In

Several equities analysts have commented on OTIS shares. Barclays upped their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Argus boosted their price objective on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th. JPMorgan Chase & Co. lifted their price target on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Wells Fargo & Company decreased their price objective on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. Finally, Melius started coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating on the stock. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and a consensus target price of $99.33.

Insiders Place Their Bets

In other news, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the transaction, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is currently owned by corporate insiders.

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.