Penobscot Investment Management Company Inc. Purchases 332 Shares of Otis Worldwide Co. (NYSE:OTIS)

Penobscot Investment Management Company Inc. boosted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 6.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,175 shares of the company’s stock after acquiring an additional 332 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Otis Worldwide were worth $463,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its holdings in shares of Otis Worldwide by 47.9% during the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after purchasing an additional 2,442,203 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Otis Worldwide by 104.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company’s stock valued at $124,906,000 after acquiring an additional 794,626 shares during the last quarter. Qube Research & Technologies Ltd grew its stake in shares of Otis Worldwide by 119.1% in the third quarter. Qube Research & Technologies Ltd now owns 981,574 shares of the company’s stock worth $78,830,000 after acquiring an additional 533,590 shares during the period. Barclays PLC boosted its holdings in Otis Worldwide by 82.1% in the third quarter. Barclays PLC now owns 957,288 shares of the company’s stock worth $76,878,000 after purchasing an additional 431,542 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its stake in Otis Worldwide by 64.9% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 774,386 shares of the company’s stock valued at $62,191,000 after buying an additional 304,669 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on OTIS shares. Wells Fargo & Company dropped their price target on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 25th. Royal Bank of Canada reiterated an “outperform” rating and issued a $100.00 price objective on shares of Otis Worldwide in a research note on Monday, February 5th. UBS Group upped their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, February 16th. JPMorgan Chase & Co. lifted their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Finally, 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. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $96.86.

Insider Transactions at Otis Worldwide

In related news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $91.43 on Thursday. The firm’s 50 day moving average price is $96.49 and its 200-day moving average price is $89.65. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.35. The stock has a market cap of $36.97 billion, a P/E ratio of 26.42 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping 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 analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be paid a dividend of $0.39 per share. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.71%. Otis Worldwide’s dividend payout ratio is currently 39.31%.

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.