Cambridge Trust Co. Acquires 396 Shares of Otis Worldwide Co. (NYSE:OTIS)

Cambridge Trust Co. raised its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,387 shares of the company’s stock after buying an additional 396 shares during the quarter. Cambridge Trust Co.’s holdings in Otis Worldwide were worth $482,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. JB Capital LLC raised its holdings in Otis Worldwide by 0.5% during the 4th quarter. JB Capital LLC now owns 26,572 shares of the company’s stock worth $2,377,000 after buying an additional 129 shares during the period. Baystate Wealth Management LLC raised its holdings in shares of Otis Worldwide by 16.7% during the fourth quarter. Baystate Wealth Management LLC now owns 964 shares of the company’s stock worth $86,000 after acquiring an additional 138 shares during the period. Sigma Planning Corp raised its holdings in shares of Otis Worldwide by 3.5% during the third quarter. Sigma Planning Corp now owns 4,189 shares of the company’s stock worth $336,000 after acquiring an additional 141 shares during the period. Belpointe Asset Management LLC lifted its position in Otis Worldwide by 5.2% in the 1st quarter. Belpointe Asset Management LLC now owns 2,857 shares of the company’s stock valued at $241,000 after acquiring an additional 142 shares in the last quarter. Finally, Avior Wealth Management LLC boosted its stake in Otis Worldwide by 42.3% in the 3rd quarter. Avior Wealth Management LLC now owns 481 shares of the company’s stock worth $39,000 after purchasing an additional 143 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insiders Place Their Bets

In related news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS opened at $95.49 on Friday. The firm has a market capitalization of $38.60 billion, a PE ratio of 28.17 and a beta of 1.01. The company’s 50-day moving average is $96.03 and its 200-day moving average is $88.73. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.02. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. The firm had revenue of $3.62 billion for the quarter, compared to analysts’ expectations of $3.57 billion. During the same period in the prior year, the firm earned $0.75 EPS. Analysts predict that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date was Thursday, February 15th. Otis Worldwide’s dividend payout ratio is 40.12%.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of research reports. Royal Bank of Canada restated an “outperform” rating and issued a $100.00 price target on shares of Otis Worldwide in a report on Monday, February 5th. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research report on Thursday, February 22nd. Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 1st. UBS Group increased their price objective on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. Finally, Barclays upped 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. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $94.29.

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.