Baldwin Wealth Partners LLC MA Reduces Stock Position in Otis Worldwide Corporation $OTIS

Baldwin Wealth Partners LLC MA lessened its stake in Otis Worldwide Corporation (NYSE:OTIS) by 5.7% in the fourth quarter, HoldingsChannel reports. The firm owned 108,400 shares of the company’s stock after selling 6,578 shares during the period. Baldwin Wealth Partners LLC MA’s holdings in Otis Worldwide were worth $9,469,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Otis Worldwide in the 2nd quarter worth $721,614,000. Marshall Wace LLP boosted its position in Otis Worldwide by 5,291.5% in the second quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock worth $281,665,000 after purchasing an additional 2,791,765 shares during the last quarter. Van ECK Associates Corp boosted its position in Otis Worldwide by 3,464.3% in the third quarter. Van ECK Associates Corp now owns 2,022,770 shares of the company’s stock worth $184,942,000 after purchasing an additional 1,966,019 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Otis Worldwide by 125.7% during the 3rd quarter. AQR Capital Management LLC now owns 2,596,355 shares of the company’s stock valued at $236,891,000 after purchasing an additional 1,445,904 shares during the period. Finally, Squarepoint Ops LLC grew its stake in shares of Otis Worldwide by 199.6% during the 3rd quarter. Squarepoint Ops LLC now owns 2,030,095 shares of the company’s stock valued at $185,612,000 after purchasing an additional 1,352,530 shares during the period. 88.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of research reports. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a report on Tuesday, December 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Wall Street Zen cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price on the stock. in a research report on Friday, January 30th. Finally, Wolfe Research reissued an “outperform” rating on shares of Otis Worldwide in a report on Monday. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $101.44.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 47,944 shares of the firm’s stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $92.25, for a total value of $4,422,834.00. Following the completion of the sale, the insider directly owned 29,176 shares in the company, valued at $2,691,486. This trade represents a 62.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Neil Green sold 6,000 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction of $518,700.00. Following the transaction, the executive vice president owned 3,773 shares in the company, valued at $326,175.85. This trade represents a 61.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 158,013 shares of company stock valued at $14,337,635 over the last quarter. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

OTIS stock opened at $79.49 on Friday. The firm has a fifty day moving average price of $88.73 and a 200 day moving average price of $89.07. Otis Worldwide Corporation has a fifty-two week low of $78.25 and a fifty-two week high of $105.95. The firm has a market cap of $30.90 billion, a PE ratio of 22.71, a price-to-earnings-growth ratio of 2.41 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, meeting the consensus estimate of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The business had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter last year, the business earned $0.93 earnings per share. Otis Worldwide’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, equities analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 13th were given a dividend of $0.42 per share. The ex-dividend date was Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a yield of 2.1%. Otis Worldwide’s dividend payout ratio is 48.00%.

Otis Worldwide Company Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.