Massmutual Trust Co. FSB ADV Grows Stake in Otis Worldwide Co. (NYSE:OTIS)

Massmutual Trust Co. FSB ADV grew its holdings in Otis Worldwide Co. (NYSE:OTIS) by 7.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 1,867 shares of the company’s stock after buying an additional 124 shares during the quarter. Massmutual Trust Co. FSB ADV’s holdings in Otis Worldwide were worth $185,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Otis Worldwide in the 3rd quarter valued at approximately $1,384,000. Envestnet Asset Management Inc. raised its stake in Otis Worldwide by 28.9% during the third quarter. Envestnet Asset Management Inc. now owns 483,820 shares of the company’s stock valued at $38,856,000 after buying an additional 108,578 shares during the last quarter. Dark Forest Capital Management LP raised its stake in Otis Worldwide by 47.3% during the third quarter. Dark Forest Capital Management LP now owns 8,703 shares of the company’s stock valued at $699,000 after buying an additional 2,793 shares during the last quarter. LPL Financial LLC raised its stake in Otis Worldwide by 18.7% during the third quarter. LPL Financial LLC now owns 117,092 shares of the company’s stock valued at $9,404,000 after buying an additional 18,478 shares during the last quarter. Finally, Mariner LLC raised its stake in Otis Worldwide by 10.2% during the third quarter. Mariner LLC now owns 63,499 shares of the company’s stock valued at $5,100,000 after buying an additional 5,861 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of the company’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 transaction, the executive vice president now directly owns 15,570 shares in the company, valued at $1,458,753.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on OTIS shares. JPMorgan Chase & Co. lifted their price objective on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Argus lifted their price objective on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Melius initiated coverage on Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating for the company. Wells Fargo & Company reduced their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a report on Thursday, April 25th. Finally, Barclays lifted their target price on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $97.71.

Otis Worldwide Trading Up 0.1 %

NYSE:OTIS opened at $96.60 on Friday. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.84. The stock has a 50 day moving average of $96.17 and a two-hundred day moving average of $93.50. The firm has a market cap of $39.06 billion, a P/E ratio of 27.92 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.01. The business had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. On average, research analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

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