Ipswich Investment Management Co. Inc. owns $4.33 million worth of stock in Otis Worldwide Co. (NYSE:OTIS)


Ipswich Investment Management Co. Inc. reduced its holdings in shares of Otis Worldwide Co. (NYSE:OTIS – Get Rating ) by 1.3% during the first quarter, Holdings Channel reports. The institutional investor owned 56,223 shares of the company’s stock after selling 737 shares during the period. Otis Worldwide makes up approximately 1.1% of Ipswich Investment Management Co.’s investment portfolio. Inc., making the stock its 28th largest position. Ipswich Investment Management Co.’s holdings. Inc. in Otis Worldwide were worth $4,326,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of OTIS. Norges Bank acquired a new position in Otis Worldwide during the fourth quarter valued at $335,180,000. JPMorgan Chase & Co. increased its position in Otis Worldwide by 169.6% during the 4th quarter. JPMorgan Chase & Co. now owns 4,635,029 shares of the company’s stock valued at $403,573,000 after buying an additional 2,916,030 shares during the last quarter. Lazard Asset Management LLC boosted its position in Otis Worldwide by 2,317.8% during the 4th quarter. Lazard Asset Management LLC now owns 2,911,768 shares of the company’s stock valued at $253,527,000 after buying an additional 2,791,340 shares in the last quarter. Alliancebernstein LP boosted its position in Otis Worldwide by 12.4% in the 4th quarter. Alliancebernstein LP now owns 8,053,409 shares of the company’s stock valued at $701,210,000 after buying an additional 890,179 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in Otis Worldwide in the 4th quarter worth about $52,779,000. 83.32% of the shares are currently owned by hedge funds and other institutional investors.

Shares of NYSE:OTIS opened at $71.37 on Wednesday. The business has a 50-day moving average of $72.87 and a 200-day moving average of $77.26. Otis Worldwide Co. has a twelve month low of $66.97 and a twelve month high of $92.84. The company has a market cap of $30.17 billion, a price-to-earnings ratio of 24.53 and a beta of 0.85.

Otis Worldwide (NYSE:OTIS – Get Rating ) last announced its earnings results on Monday, April 25th. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.02. Otis Worldwide had a negative return on equity of 35.81% and a net margin of 8.73%. The firm had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.45 billion. In the same quarter last year, the company earned $0.72 EPS. The company’s revenue for the quarter was up .2% compared to the same quarter last year. On average, analysts predict that Otis Worldwide Co. will post 3.25 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, June 10th. Shareholders of record on Friday, May 20th were given a $0.29 dividend. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.24. The ex-dividend date was Thursday, May 19th. This represents a $1.16 annual dividend and a yield of 1.63%. Otis Worldwide’s dividend payout ratio is 39.86%.

Several brokerage houses opposed OTIS. BNP Paribas downgraded Otis Worldwide from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $95.00 to $80.00 in a research report on Tuesday. Exane BNP Paribas downgraded Otis Worldwide from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $95.00 to $80.00 in a research note on Tuesday. Wells Fargo & Company reduced their target price on Otis Worldwide from $73.00 to $69.00 and set an “underweight” rating for the company in a research note on Wednesday, June 29th. Cowen reduced their price objective on Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating for the company in a research note on Tuesday, April 26th. Finally, Cowen reduced their target price on Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating for the company in a research note on Tuesday, April 26th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $81.59, according to MarketBeat.

Otis Worldwide Company Profile (Get Rating)

Otis Worldwide Corporation manufactures, installs and services 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.

See also

Want to see what other hedge funds hold OTIS? Visit HoldingsChannel.com to get the latest 13F filings and insider deals for Otis Worldwide Co. (NYSE:OTIS – Get Rating).

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



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