Longfellow Investment Management Co. LLC Takes $696,000 Position in Otis Worldwide Corporation $OTIS

Longfellow Investment Management Co. LLC bought a new position in Otis Worldwide Corporation (NYSE:OTIS) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 7,608 shares of the company’s stock, valued at approximately $696,000.

Other large investors have also added to or reduced their stakes in the company. Root Financial Partners LLC bought a new position in shares of Otis Worldwide during the 3rd quarter valued at $26,000. Nemes Rush Group LLC increased its position in Otis Worldwide by 75.4% during the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after acquiring an additional 135 shares during the last quarter. Rakuten Investment Management Inc. bought a new position in Otis Worldwide in the third quarter valued at about $31,000. Westside Investment Management Inc. boosted its position in Otis Worldwide by 100.0% in the third quarter. Westside Investment Management Inc. now owns 336 shares of the company’s stock worth $31,000 after purchasing an additional 168 shares during the last quarter. Finally, Physician Wealth Advisors Inc. grew its stake in shares of Otis Worldwide by 57.7% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock valued at $31,000 after purchasing an additional 124 shares during the period. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

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

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $90.61 on Friday. The company has a market capitalization of $35.22 billion, a P/E ratio of 25.89, a P/E/G ratio of 2.75 and a beta of 1.00. Otis Worldwide Corporation has a 1-year low of $84.00 and a 1-year high of $106.83. The firm’s 50 day simple moving average is $89.83 and its two-hundred day simple moving average is $89.37.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The firm had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the prior year, the company posted $0.93 earnings per share. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. Otis Worldwide’s dividend payout ratio (DPR) is currently 48.00%.

Insiders Place Their Bets

In other news, CAO Michael Patrick Ryan sold 1,182 shares of the company’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total value of $106,450.92. Following the completion of the transaction, the chief accounting officer owned 3,504 shares of the company’s stock, valued at $315,570.24. This represents a 25.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Neil Green sold 6,000 shares of the stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $86.45, for a total value of $518,700.00. Following the sale, the executive vice president owned 3,773 shares of the company’s stock, valued at $326,175.85. This represents a 61.39% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 158,013 shares of company stock valued at $14,337,635 over the last three months. Insiders own 0.23% of the company’s stock.

About Otis Worldwide

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.