Rockbridge Investment Management LCC Takes $38,000 Position in Otis Worldwide (NASDAQ:OTIS)

Rockbridge Investment Management LCC bought a new stake in shares of Otis Worldwide (NASDAQ:OTIS) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 669 shares of the company’s stock, valued at approximately $38,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Benedict Financial Advisors Inc. purchased a new position in Otis Worldwide during the 2nd quarter valued at $467,000. Blair William & Co. IL purchased a new position in Otis Worldwide during the 2nd quarter valued at $3,025,000. Laurel Wealth Advisors LLC purchased a new position in Otis Worldwide during the 2nd quarter valued at $301,000. CENTRAL TRUST Co purchased a new position in Otis Worldwide during the 2nd quarter valued at $1,159,000. Finally, Rikoon Group LLC purchased a new position in Otis Worldwide during the 2nd quarter valued at $412,000.

A number of equities analysts recently issued reports on OTIS shares. Zacks Investment Research upgraded Otis Worldwide from a “sell” rating to a “hold” rating and set a $71.00 price objective for the company in a report on Tuesday, August 4th. HSBC began coverage on Otis Worldwide in a report on Monday, June 29th. They issued a “reduce” rating and a $44.00 target price for the company. Argus began coverage on Otis Worldwide in a report on Thursday, June 18th. They issued a “buy” rating and a $72.00 target price for the company. Credit Suisse Group upped their target price on Otis Worldwide from $55.00 to $66.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Finally, Cowen reiterated a “buy” rating and issued a $64.00 target price on shares of Otis Worldwide in a report on Monday, June 15th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $60.25.

Shares of NASDAQ OTIS traded up $0.03 during trading on Wednesday, reaching $60.33. The stock had a trading volume of 18,925 shares, compared to its average volume of 3,892,608. Otis Worldwide has a fifty-two week low of $38.00 and a fifty-two week high of $65.95. The stock has a 50-day moving average price of $62.91. The stock has a market capitalization of $26.11 billion and a P/E ratio of 31.46.

Otis Worldwide (NASDAQ:OTIS) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $0.56 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.12. The firm had revenue of $3.03 billion during the quarter, compared to analyst estimates of $2.92 billion. The firm’s revenue was down 9.6% compared to the same quarter last year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Friday, August 21st were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend was 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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