Dearborn Partners LLC Buys New Position in Otis Worldwide (NASDAQ:OTIS)

Dearborn Partners LLC bought a new stake in shares of Otis Worldwide (NASDAQ:OTIS) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 39,537 shares of the company’s stock, valued at approximately $2,248,000.

A number of other institutional investors have also recently bought and sold shares of the business. Institute for Wealth Management LLC. purchased a new stake in shares of Otis Worldwide during the 2nd quarter worth approximately $274,000. Essex Savings Bank purchased a new stake in shares of Otis Worldwide during the 2nd quarter worth approximately $267,000. Community Bank N.A. purchased a new stake in shares of Otis Worldwide during the 2nd quarter worth approximately $476,000. EFG Asset Management Americas Corp. acquired a new position in shares of Otis Worldwide during the 2nd quarter worth approximately $797,000. Finally, Huntington National Bank acquired a new position in shares of Otis Worldwide during the 2nd quarter worth approximately $2,996,000.

Several research analysts recently issued reports on OTIS shares. Cowen restated a “buy” rating and set a $64.00 price objective on shares of Otis Worldwide in a research report on Monday, June 15th. William Blair began coverage on Otis Worldwide in a report on Friday, May 8th. They issued a “market perform” rating for the company. Atlantic Securities began coverage on Otis Worldwide in a report on Tuesday, April 14th. They issued an “overweight” rating for the company. HSBC began coverage on Otis Worldwide in a report on Monday, June 29th. They issued a “reduce” rating and a $44.00 price target for the company. Finally, Wolfe Research began coverage on Otis Worldwide in a report on Friday, April 3rd. They issued a “market perform” rating for the company. Two analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the stock. Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $58.63.

In related news, insider Montlivault Stephane De sold 10,454 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $51.81, for a total transaction of $541,621.74. Following the completion of the sale, the insider now directly owns 1,403 shares in the company, valued at $72,689.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Shares of OTIS stock traded down $0.65 on Friday, reaching $62.74. 3,156,178 shares of the stock were exchanged, compared to its average volume of 4,532,898. The stock’s 50 day moving average price is $57.45. Otis Worldwide has a 1-year low of $38.00 and a 1-year high of $64.52. The stock has a market cap of $27.17 billion and a PE ratio of 32.68.

Otis Worldwide (NASDAQ:OTIS) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.12. The business had revenue of $3.03 billion for the quarter, compared to analysts’ expectations of $2.92 billion. The firm’s revenue for the quarter was down 9.6% on a year-over-year basis.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Friday, August 21st will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date is Thursday, August 20th. Otis Worldwide’s payout ratio is 41.67%.

Otis Worldwide Profile

There is no company description available for Otis Worldwide Corp.

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

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