Rockland Trust Co. Has $2.44 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

Rockland Trust Co. grew its holdings in Otis Worldwide Co. (NYSE:OTIS) by 10.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 23,430 shares of the company’s stock after buying an additional 2,287 shares during the period. Rockland Trust Co.’s holdings in Otis Worldwide were worth $2,435,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Meeder Asset Management Inc. boosted its holdings in shares of Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after buying an additional 196 shares during the period. Jamison Private Wealth Management Inc. lifted its position in Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after acquiring an additional 286 shares during the last quarter. Cranbrook Wealth Management LLC boosted its holdings in shares of Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after acquiring an additional 250 shares during the period. Hantz Financial Services Inc. acquired a new position in shares of Otis Worldwide in the second quarter valued at approximately $29,000. Finally, LifeSteps Financial Inc. bought a new position in shares of Otis Worldwide during the first quarter worth approximately $31,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Wells Fargo & Company reduced their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, July 25th. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Morgan Stanley began coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target on the stock. Finally, Barclays lifted their price objective on shares of Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $100.86.

Otis Worldwide Trading Down 0.5 %

Shares of NYSE:OTIS opened at $104.30 on Friday. The stock has a market capitalization of $41.78 billion, a PE ratio of 30.14 and a beta of 1.03. The firm has a 50 day moving average of $95.08 and a 200-day moving average of $96.24. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $105.39.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. During the same quarter in the previous year, the firm earned $0.92 EPS. Otis Worldwide’s revenue was down 3.2% on a year-over-year basis. On average, research analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were given a $0.39 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.50%. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Otis Worldwide Company 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.