Graypoint LLC Has $395,000 Holdings in Otis Worldwide Co. (NYSE:OTIS)

Graypoint LLC grew its position in Otis Worldwide Co. (NYSE:OTIS) by 3.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,267 shares of the company’s stock after purchasing an additional 152 shares during the quarter. Graypoint LLC’s holdings in Otis Worldwide were worth $395,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Riverview Trust Co bought a new stake in Otis Worldwide in the 3rd quarter valued at about $25,000. Meeder Asset Management Inc. raised its position in shares of Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after buying an additional 196 shares in the last quarter. Northwest Investment Counselors LLC bought a new stake in shares of Otis Worldwide in the third quarter valued at approximately $28,000. Ashton Thomas Securities LLC acquired a new stake in Otis Worldwide during the third quarter worth approximately $29,000. Finally, Cranbrook Wealth Management LLC increased its stake in Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after acquiring an additional 250 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on OTIS shares. UBS Group assumed coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a report on Thursday, December 12th. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. Finally, Barclays cut their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $103.50.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $90.78 on Friday. Otis Worldwide Co. has a 52-week low of $85.42 and a 52-week high of $106.33. The company has a market capitalization of $36.26 billion, a PE ratio of 22.64 and a beta of 1.06. The company has a fifty day moving average of $97.57 and a 200-day moving average of $97.40.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same period in the previous year, the company earned $0.95 EPS. Otis Worldwide’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities analysts forecast that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.72%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.23% of the company’s stock.

Otis Worldwide Company 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.