J.P. Marvel Investment Advisors LLC Has $2.80 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

J.P. Marvel Investment Advisors LLC trimmed its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,944 shares of the company’s stock after selling 178 shares during the period. J.P. Marvel Investment Advisors LLC’s holdings in Otis Worldwide were worth $2,801,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Olympiad Research LP acquired a new position in Otis Worldwide during the 3rd quarter worth $227,000. Montecito Bank & Trust bought a new stake in shares of Otis Worldwide during the third quarter worth $289,000. Principal Financial Group Inc. lifted its stake in shares of Otis Worldwide by 1.3% during the third quarter. Principal Financial Group Inc. now owns 471,044 shares of the company’s stock valued at $48,960,000 after acquiring an additional 6,261 shares during the period. US Financial Advisors LLC bought a new stake in Otis Worldwide during the 3rd quarter worth about $213,000. Finally, Maia Wealth LLC acquired a new position in Otis Worldwide during the 3rd quarter valued at about $47,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Up 0.4 %

OTIS opened at $100.93 on Friday. The company has a fifty day simple moving average of $99.51 and a 200 day simple moving average of $97.00. The stock has a market cap of $40.32 billion, a P/E ratio of 25.17 and a beta of 1.04. Otis Worldwide Co. has a 12 month low of $79.73 and a 12 month high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter last year, the company earned $0.95 earnings per share. The firm’s revenue was up .7% compared to the same quarter last year. On average, equities research analysts expect that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be paid 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 payout ratio is currently 38.90%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on OTIS shares. Barclays lowered their price target on shares of 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. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Wells Fargo & Company reduced their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Finally, Morgan Stanley assumed coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average price target of $102.00.

Otis Worldwide 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.