Baldwin Brothers LLC MA Sells 250 Shares of Otis Worldwide Co. (NYSE:OTIS)

Baldwin Brothers LLC MA lowered its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 30.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 575 shares of the company’s stock after selling 250 shares during the period. Baldwin Brothers LLC MA’s holdings in Otis Worldwide were worth $55,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in OTIS. City Holding Co. grew its position in shares of Otis Worldwide by 4.3% during the 2nd quarter. City Holding Co. now owns 3,827 shares of the company’s stock worth $368,000 after purchasing an additional 159 shares in the last quarter. OLD National Bancorp IN grew its position in Otis Worldwide by 13.7% during the second quarter. OLD National Bancorp IN now owns 3,610 shares of the company’s stock worth $347,000 after buying an additional 436 shares in the last quarter. Manning & Napier Advisors LLC acquired a new stake in Otis Worldwide during the second quarter worth approximately $233,000. BDF Gestion bought a new position in Otis Worldwide during the 2nd quarter worth $2,914,000. Finally, Jamison Private Wealth Management Inc. raised its holdings in Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after acquiring an additional 286 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Argus increased their target price 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. raised their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Finally, Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, July 25th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $98.83.

Otis Worldwide Trading Up 0.8 %

Otis Worldwide stock traded up $0.77 during midday trading on Friday, reaching $93.40. The company’s stock had a trading volume of 1,554,265 shares, compared to its average volume of 2,125,760. The stock has a market cap of $37.76 billion, a PE ratio of 26.99 and a beta of 1.03. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.84. The business has a 50-day moving average price of $96.46 and a 200-day moving average price of $95.49.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.03. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm’s revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.92 EPS. As a group, research analysts predict that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend is Friday, August 16th. Otis Worldwide’s payout ratio is 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.