Farmers & Merchants Investments Inc. Raises Holdings in Otis Worldwide Co. (NYSE:OTIS)

Farmers & Merchants Investments Inc. increased its position in Otis Worldwide Co. (NYSE:OTIS) by 4.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 42,908 shares of the company’s stock after purchasing an additional 1,718 shares during the period. Farmers & Merchants Investments Inc.’s holdings in Otis Worldwide were worth $3,621,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Victory Capital Management Inc. increased its stake in Otis Worldwide by 5.4% in the fourth quarter. Victory Capital Management Inc. now owns 368,725 shares of the company’s stock valued at $30,320,000 after purchasing an additional 18,825 shares during the period. Vestmark Advisory Solutions Inc. raised its stake in Otis Worldwide by 2.7% during the 1st quarter. Vestmark Advisory Solutions Inc. now owns 6,389 shares of the company’s stock valued at $539,000 after acquiring an additional 170 shares during the last quarter. Bailard Inc. acquired a new stake in Otis Worldwide during the 1st quarter worth approximately $211,000. Mitsubishi UFJ Trust & Banking Corp lifted its position in Otis Worldwide by 3.6% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 309,443 shares of the company’s stock worth $26,117,000 after acquiring an additional 10,845 shares during the period. Finally, InterOcean Capital Group LLC purchased a new position in shares of Otis Worldwide in the 4th quarter valued at approximately $215,000. 85.48% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Barclays increased their price target on Otis Worldwide from $79.00 to $80.00 in a report on Monday, July 10th. Wells Fargo & Company lifted their target price on shares of Otis Worldwide from $88.00 to $90.00 in a report on Monday, July 10th. HSBC increased their price target on shares of Otis Worldwide from $81.00 to $88.00 in a report on Friday, June 23rd. Royal Bank of Canada lifted their price objective on Otis Worldwide from $96.00 to $100.00 in a report on Friday, July 28th. Finally, TheStreet raised Otis Worldwide from a “c+” rating to a “b” rating in a research note on Wednesday, July 26th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $88.43.

Otis Worldwide Price Performance

Otis Worldwide stock traded up $0.43 during mid-day trading on Friday, reaching $85.98. The company had a trading volume of 271,580 shares, compared to its average volume of 1,831,512. The stock’s 50-day simple moving average is $87.30 and its 200-day simple moving average is $84.92. Otis Worldwide Co. has a 1 year low of $62.49 and a 1 year high of $91.33. The company has a market capitalization of $35.40 billion, a P/E ratio of 26.99 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, July 26th. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.06. The firm had revenue of $3.72 billion during the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 28.62% and a net margin of 9.59%. Otis Worldwide’s quarterly revenue was up 6.7% on a year-over-year basis. During the same period last year, the business posted $0.86 EPS. On average, equities analysts forecast that Otis Worldwide Co. will post 3.47 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 18th will be given a $0.34 dividend. The ex-dividend date is Thursday, August 17th. This represents a $1.36 annualized dividend and a dividend yield of 1.58%. Otis Worldwide’s dividend payout ratio is presently 42.90%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, insider Fernandez Bernardo Calleja sold 3,992 shares of Otis Worldwide stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $90.70, for a total transaction of $362,074.40. Following the completion of the transaction, the insider now owns 42,097 shares in the company, valued at $3,818,197.90. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CAO Michael Patrick Ryan sold 6,372 shares of the company’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $90.50, for a total value of $576,666.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Fernandez Bernardo Calleja sold 3,992 shares of the stock in a transaction on Friday, July 28th. The shares were sold at an average price of $90.70, for a total value of $362,074.40. Following the sale, the insider now directly owns 42,097 shares in the company, valued at approximately $3,818,197.90. The disclosure for this sale can be found here. 0.15% of the stock is owned by corporate insiders.

Otis Worldwide Profile

Otis Worldwide Corporation engages in the 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.