Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Has $1.98 Million Stock Holdings in Otis Worldwide Corporation (NYSE:OTIS)

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA trimmed its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 55.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,229 shares of the company's stock after selling 24,323 shares during the quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA's holdings in Otis Worldwide were worth $1,984,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of OTIS. Transce3nd LLC bought a new position in Otis Worldwide during the 4th quarter worth $25,000. NBC Securities Inc. acquired a new position in shares of Otis Worldwide in the first quarter valued at about $25,000. Aster Capital Management DIFC Ltd bought a new position in Otis Worldwide during the fourth quarter worth about $28,000. Flagship Wealth Advisors LLC bought a new position in Otis Worldwide during the fourth quarter worth about $34,000. Finally, Orion Capital Management LLC acquired a new stake in Otis Worldwide in the 4th quarter worth about $35,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Royal Bank Of Canada dropped their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Barclays dropped their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 24th. Finally, JPMorgan Chase & Co. raised their target price on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, Otis Worldwide currently has an average rating of "Hold" and a consensus price target of $100.71.

Otis Worldwide Stock Performance

Shares of OTIS opened at $97.63 on Friday. The firm has a market cap of $38.53 billion, a PE ratio of 25.63 and a beta of 0.98. Otis Worldwide Corporation has a 52-week low of $89.70 and a 52-week high of $106.83. The business's 50 day moving average price is $96.23 and its two-hundred day moving average price is $96.72.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. The company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. Otis Worldwide's quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.88 EPS. Research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were paid a dividend of $0.42 per share. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide's dividend payout ratio is 44.09%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.