Prime Capital Investment Advisors LLC Sells 198 Shares of Otis Worldwide Co. (NYSE:OTIS)

Prime Capital Investment Advisors LLC reduced its stake in Otis Worldwide Co. (NYSE:OTIS) by 3.9% during the 3rd quarter, Holdings Channel reports. The fund owned 4,859 shares of the company’s stock after selling 198 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Otis Worldwide were worth $505,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. PineStone Asset Management Inc. increased its stake in shares of Otis Worldwide by 138.3% during the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after purchasing an additional 2,590,780 shares during the period. Van ECK Associates Corp increased its position in Otis Worldwide by 3,673.6% during the 3rd quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock worth $232,662,000 after buying an additional 2,201,988 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after buying an additional 907,972 shares in the last quarter. Sarasin & Partners LLP boosted its position in shares of Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after acquiring an additional 883,659 shares during the period. Finally, Brown Brothers Harriman & Co. grew its stake in shares of Otis Worldwide by 2,782.3% in the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock valued at $78,469,000 after acquiring an additional 786,897 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Morgan Stanley assumed coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Barclays reduced their target price on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Finally, UBS Group started coverage on shares of Otis Worldwide in a research note on Wednesday. They set a “neutral” rating and a $113.00 price objective on the stock. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $104.57.

Insiders Place Their Bets

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

OTIS stock opened at $99.10 on Friday. The company has a 50 day simple moving average of $100.41 and a 200 day simple moving average of $97.27. The stock has a market cap of $39.59 billion, a price-to-earnings ratio of 24.71 and a beta of 1.04. Otis Worldwide Co. has a 1 year low of $83.21 and a 1 year high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company’s revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.95 EPS. On average, equities research analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.57%. Otis Worldwide’s dividend payout ratio is presently 38.90%.

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.