Farmers & Merchants Investments Inc. Sells 3,376 Shares of Otis Worldwide Co. (NYSE:OTIS)

Farmers & Merchants Investments Inc. trimmed its stake in Otis Worldwide Co. (NYSE:OTIS) by 8.1% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 38,404 shares of the company’s stock after selling 3,376 shares during the period. Farmers & Merchants Investments Inc.’s holdings in Otis Worldwide were worth $3,812,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC grew its holdings in shares of Otis Worldwide by 145.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 230,052 shares of the company’s stock worth $22,837,000 after purchasing an additional 136,324 shares in the last quarter. Trivant Custom Portfolio Group LLC acquired a new stake in Otis Worldwide in the 1st quarter valued at $2,287,000. Investment Research & Advisory Group Inc. acquired a new position in Otis Worldwide in the first quarter worth $1,752,000. Grimes & Company Inc. boosted its stake in Otis Worldwide by 3.6% in the first quarter. Grimes & Company Inc. now owns 5,325 shares of the company’s stock worth $529,000 after purchasing an additional 183 shares in the last quarter. Finally, Atlantic Union Bankshares Corp boosted its stake in Otis Worldwide by 8.0% in the first quarter. Atlantic Union Bankshares Corp now owns 29,086 shares of the company’s stock worth $2,887,000 after purchasing an additional 2,160 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Insider Transactions at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the transaction, the executive vice president now owns 15,570 shares in the company, valued at $1,458,753.30. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Stock Up 1.1 %

NYSE:OTIS opened at $95.96 on Wednesday. The stock’s 50 day moving average price is $96.14 and its two-hundred day moving average price is $94.04. The firm has a market capitalization of $38.80 billion, a price-to-earnings ratio of 27.73 and a beta of 1.03. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.01. The firm had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. Equities research analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 17th were paid a dividend of $0.39 per share. The ex-dividend date was Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.63%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio (DPR) is 45.09%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on OTIS shares. JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Melius initiated coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating for the company. Barclays boosted their target price on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Argus upped their price objective on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Finally, Wells Fargo & Company reduced their price target on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $99.33.

About Otis Worldwide

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.