Northeast Investment Management Trims Stake in Otis Worldwide Co. (NYSE:OTIS)

Northeast Investment Management lowered its stake in Otis Worldwide Co. (NYSE:OTIS) by 12.0% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,195 shares of the company’s stock after selling 300 shares during the quarter. Northeast Investment Management’s holdings in Otis Worldwide were worth $228,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in OTIS. Riverview Trust Co purchased a new position in shares of Otis Worldwide during the 3rd quarter worth $25,000. Meeder Asset Management Inc. lifted its stake 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 purchasing an additional 196 shares during the period. Jamison Private Wealth Management Inc. increased its holdings in shares of Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after buying an additional 286 shares during the last quarter. Cranbrook Wealth Management LLC increased its holdings in shares of Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after buying an additional 250 shares during the last quarter. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Otis Worldwide during the 3rd quarter worth $28,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $99.44 on Monday. The business has a 50-day moving average of $99.11 and a 200-day moving average of $96.91. The company has a market capitalization of $39.83 billion, a PE ratio of 24.80 and a beta of 1.04. Otis Worldwide Co. has a 1-year low of $77.51 and a 1-year high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). The business had revenue of $3.55 billion for 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%. The firm’s revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.95 earnings per share. On average, equities analysts expect that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have recently commented on OTIS shares. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Wells Fargo & Company dropped their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday. Barclays dropped their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a report on Thursday. Morgan Stanley started coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Finally, Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. 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.com, the stock presently has an average rating of “Hold” and an average target price of $102.00.

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.