Sandy Spring Bank Has $2.59 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Sandy Spring Bank cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 37,832 shares of the company’s stock after selling 1,266 shares during the period. Sandy Spring Bank’s holdings in Otis Worldwide were worth $2,590,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Safeguard Investment Advisory Group LLC bought a new stake in Otis Worldwide during the 4th quarter valued at approximately $26,000. Addison Advisors LLC acquired a new stake in Otis Worldwide during the 4th quarter worth $27,000. Baron Silver Stevens Financial Advisors LLC acquired a new stake in Otis Worldwide during the 4th quarter worth $27,000. Berman Capital Advisors LLC raised its stake in shares of Otis Worldwide by 67.2% in the 4th quarter. Berman Capital Advisors LLC now owns 403 shares of the company’s stock valued at $26,000 after purchasing an additional 162 shares during the period. Finally, Ironwood Wealth Management LLC. raised its stake in shares of Otis Worldwide by 1,280.0% in the 4th quarter. Ironwood Wealth Management LLC. now owns 414 shares of the company’s stock valued at $28,000 after purchasing an additional 384 shares during the period. 83.76% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms recently issued reports on OTIS. Berenberg Bank began coverage on Otis Worldwide in a research report on Monday, March 22nd. They issued a “buy” rating and a $85.00 target price on the stock. Credit Suisse Group lifted their target price on Otis Worldwide from $72.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, May 3rd. Barclays lifted their target price on Otis Worldwide from $66.00 to $76.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 27th. HSBC raised Otis Worldwide from a “reduce” rating to a “hold” rating and set a $65.00 target price on the stock in a research report on Monday, March 29th. Finally, Cowen lifted their target price on Otis Worldwide from $75.00 to $77.00 in a research report on Wednesday, March 3rd. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $76.25.

In other Otis Worldwide news, insider Peiming Zheng sold 15,234 shares of the stock in a transaction dated Wednesday, April 28th. The shares were sold at an average price of $78.67, for a total value of $1,198,458.78. Following the completion of the sale, the insider now owns 19,022 shares in the company, valued at approximately $1,496,460.74. The transaction was disclosed in a document filed with the SEC, which is available at this link.

OTIS stock opened at $77.62 on Wednesday. The company’s 50-day moving average is $72.31 and its 200-day moving average is $67.04. Otis Worldwide Co. has a 1 year low of $47.20 and a 1 year high of $79.56.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Sunday, April 25th. The company reported $0.72 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.09. The business had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.16 billion. The business’s revenue was up 14.9% on a year-over-year basis. As a group, sell-side analysts expect that Otis Worldwide Co. will post 2.45 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 10th. Investors of record on Friday, May 21st will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date is Thursday, May 20th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.20.

Otis Worldwide Company Profile

Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. The company operates through 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.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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