Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Brown Shipley& Co Ltd

Brown Shipley& Co Ltd reduced its position in Otis Worldwide Co. (NYSE:OTIS) by 3.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 47,804 shares of the company’s stock after selling 1,683 shares during the quarter. Otis Worldwide comprises approximately 2.5% of Brown Shipley& Co Ltd’s investment portfolio, making the stock its 15th largest position. Brown Shipley& Co Ltd’s holdings in Otis Worldwide were worth $4,969,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Riverview Trust Co acquired a new position in shares of Otis Worldwide during the 3rd quarter worth approximately $25,000. Meeder Asset Management Inc. lifted its position in 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 in the last quarter. Jamison Private Wealth Management Inc. boosted its stake in 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 grew its holdings in Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after buying an additional 250 shares in the last quarter. Finally, Northwest Investment Counselors LLC purchased a new stake in Otis Worldwide in the 3rd quarter valued at $28,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $102.52 on Thursday. The company has a market capitalization of $40.95 billion, a PE ratio of 25.57 and a beta of 1.04. Otis Worldwide Co. has a fifty-two week low of $83.99 and a fifty-two week high of $106.33. The firm has a 50 day moving average price of $101.63 and a 200 day moving average price of $97.73.

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). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same period in the previous year, the firm posted $0.95 earnings per share. The company’s quarterly revenue was up .7% compared to the same quarter last year. As a group, equities research analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm 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 dividend of $0.39 per share. The ex-dividend date is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.52%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Insider Transactions at Otis Worldwide

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on OTIS shares. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Barclays reduced their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. UBS Group began coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Morgan Stanley started coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective on the stock. Finally, Wells Fargo & Company cut their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $104.57.

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.