Cobblestone Capital Advisors LLC NY Has $277,000 Holdings in Otis Worldwide Co. (NYSE:OTIS)

Cobblestone Capital Advisors LLC NY boosted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,667 shares of the company’s stock after acquiring an additional 194 shares during the period. Cobblestone Capital Advisors LLC NY’s holdings in Otis Worldwide were worth $277,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Riverview Trust Co acquired a new position in shares of Otis Worldwide during the 3rd quarter worth about $25,000. Meeder Asset Management Inc. lifted its holdings in shares of Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after buying an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. lifted its holdings in shares of Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after buying an additional 286 shares during the last quarter. Cranbrook Wealth Management LLC boosted its position in shares of Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after acquiring an additional 250 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Otis Worldwide in the third quarter worth $28,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $102.98 on Monday. The business has a 50 day simple moving average of $101.90 and a 200 day simple moving average of $97.81. The company has a market capitalization of $41.14 billion, a PE ratio of 25.68 and a beta of 1.04. Otis Worldwide Co. has a one year low of $83.99 and a one 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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the previous year, the business posted $0.95 earnings per share. The firm’s revenue was up .7% compared to the same quarter last year. Equities analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be paid 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 1.51%. Otis Worldwide’s dividend payout ratio is 38.90%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on OTIS. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Morgan Stanley started coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. Barclays cut their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Finally, Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $104.57.

Insider Transactions at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.23% of the company’s stock.

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.