Longfellow Investment Management Co. LLC Buys New Stake in Otis Worldwide Corporation $OTIS

Longfellow Investment Management Co. LLC purchased a new stake in Otis Worldwide Corporation (NYSE:OTIS) during the third quarter, HoldingsChannel.com reports. The fund purchased 7,608 shares of the company’s stock, valued at approximately $696,000.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of Otis Worldwide by 4.3% during the second quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock valued at $4,811,100,000 after purchasing an additional 1,991,860 shares in the last quarter. Alliancebernstein L.P. boosted its stake in Otis Worldwide by 3.2% during the second quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock valued at $1,918,885,000 after buying an additional 603,860 shares during the last quarter. Geode Capital Management LLC grew its holdings in Otis Worldwide by 1.2% during the 2nd quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company’s stock valued at $1,057,594,000 after buying an additional 129,458 shares in the last quarter. Norges Bank bought a new stake in Otis Worldwide in the 2nd quarter worth approximately $721,614,000. Finally, Massachusetts Financial Services Co. MA increased its stake in Otis Worldwide by 2.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,092,014 shares of the company’s stock worth $648,423,000 after acquiring an additional 181,739 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price for the company. in a research report on Friday, January 30th. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. New Street Research set a $98.00 price objective on shares of Otis Worldwide in a research report on Friday, January 30th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Finally, Wall Street Zen cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Three equities 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 company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $101.44.

Insiders Place Their Bets

In related news, EVP Neil Green sold 6,000 shares of the business’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total transaction of $518,700.00. Following the completion of the transaction, the executive vice president owned 3,773 shares in the company, valued at $326,175.85. The trade was a 61.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Judith Fran Marks sold 56,107 shares of the company’s stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total value of $5,099,565.23. Following the completion of the transaction, the chief executive officer directly owned 231,072 shares in the company, valued at $21,002,134.08. This trade represents a 19.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 158,013 shares of company stock worth $14,337,635 over the last three months. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Down 0.6%

NYSE OTIS opened at $90.61 on Friday. Otis Worldwide Corporation has a 52 week low of $84.00 and a 52 week high of $106.83. The firm has a market capitalization of $35.22 billion, a price-to-earnings ratio of 25.89, a PEG ratio of 2.75 and a beta of 1.00. The company has a fifty day moving average of $89.83 and a two-hundred day moving average of $89.37.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share 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 for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the firm posted $0.93 earnings per share. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. Equities research analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

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

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.