Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Ballentine Partners LLC

Ballentine Partners LLC lifted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 52.5% in the first quarter, Holdings Channel reports. The firm owned 6,326 shares of the company’s stock after purchasing an additional 2,179 shares during the period. Ballentine Partners LLC’s holdings in Otis Worldwide were worth $628,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Massmutual Trust Co. FSB ADV raised its stake in shares of Otis Worldwide by 7.1% during the first quarter. Massmutual Trust Co. FSB ADV now owns 1,867 shares of the company’s stock valued at $185,000 after purchasing an additional 124 shares during the period. JB Capital LLC boosted its stake in Otis Worldwide by 0.5% during the 4th quarter. JB Capital LLC now owns 26,572 shares of the company’s stock valued at $2,377,000 after acquiring an additional 129 shares during the last quarter. Baystate Wealth Management LLC grew its holdings in Otis Worldwide by 16.7% during the 4th quarter. Baystate Wealth Management LLC now owns 964 shares of the company’s stock worth $86,000 after acquiring an additional 138 shares in the last quarter. ICW Investment Advisors LLC increased its position in shares of Otis Worldwide by 2.4% in the 4th quarter. ICW Investment Advisors LLC now owns 6,129 shares of the company’s stock worth $548,000 after purchasing an additional 144 shares during the last quarter. Finally, Spire Wealth Management lifted its position in shares of Otis Worldwide by 19.0% during the fourth quarter. Spire Wealth Management now owns 932 shares of the company’s stock worth $82,000 after purchasing an additional 149 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In related news, EVP Peiming Zheng sold 30,364 shares of the business’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 value of $2,844,803.16. Following the completion of the sale, the executive vice president now directly owns 15,570 shares in the company, valued at approximately $1,458,753.30. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

OTIS traded up $0.86 on Monday, reaching $96.78. 82,409 shares of the company traded hands, compared to its average volume of 2,024,270. The company has a market cap of $39.13 billion, a price-to-earnings ratio of 27.72 and a beta of 1.04. The stock’s 50 day moving average price is $96.14 and its 200-day moving average price is $93.69. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.84.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 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 business had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. As a group, equities research analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 17th were issued a $0.39 dividend. The ex-dividend date was Thursday, May 16th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 dividend on an annualized basis and a yield of 1.61%. 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.