Amalgamated Bank lowered its stake in Otis Worldwide Co. (NYSE:OTIS – Free Report) by 0.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 80,988 shares of the company’s stock after selling 732 shares during the period. Amalgamated Bank’s holdings in Otis Worldwide were worth $8,418,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Riverview Trust Co purchased a new position in Otis Worldwide during the third quarter valued at $25,000. Meeder Asset Management Inc. lifted its position in Otis Worldwide by 264.9% during 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 during the period. Northwest Investment Counselors LLC purchased a new position in Otis Worldwide during the third quarter valued at $28,000. Cranbrook Wealth Management LLC lifted its position in Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after buying an additional 250 shares during the period. Finally, Jamison Private Wealth Management Inc. lifted its position in Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after buying an additional 286 shares during the period. Institutional investors own 88.03% of the company’s stock.
Otis Worldwide Price Performance
OTIS stock opened at $100.56 on Thursday. The company has a market cap of $40.17 billion, a P/E ratio of 25.08 and a beta of 1.04. Otis Worldwide Co. has a 1 year low of $79.54 and a 1 year high of $106.33. The stock’s fifty day moving average price is $99.37 and its 200-day moving average price is $96.98.
Otis Worldwide Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio is 38.90%.
Analysts Set New Price Targets
Several equities analysts have commented on OTIS shares. Wells Fargo & Company lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Morgan Stanley assumed coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Barclays lowered their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $102.00.
Check Out Our Latest Report on OTIS
About Otis Worldwide
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.
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