Douglas Lane & Associates LLC Cuts Holdings in Otis Worldwide Co. (NYSE:OTIS)

Douglas Lane & Associates LLC decreased its position in Otis Worldwide Co. (NYSE:OTIS) by 15.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,865 shares of the company’s stock after selling 531 shares during the period. Douglas Lane & Associates LLC’s holdings in Otis Worldwide were worth $298,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. CHICAGO TRUST Co NA increased its position in shares of Otis Worldwide by 21.6% during the third quarter. CHICAGO TRUST Co NA now owns 2,678 shares of the company’s stock valued at $278,000 after acquiring an additional 475 shares during the last quarter. Exchange Traded Concepts LLC grew its stake in Otis Worldwide by 1,094.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,398 shares of the company’s stock valued at $145,000 after purchasing an additional 1,281 shares during the period. Carnegie Investment Counsel increased its position in shares of Otis Worldwide by 7.0% during the 3rd quarter. Carnegie Investment Counsel now owns 190,321 shares of the company’s stock valued at $19,782,000 after purchasing an additional 12,430 shares during the last quarter. Guinness Asset Management LTD raised its stake in shares of Otis Worldwide by 4.6% during the 3rd quarter. Guinness Asset Management LTD now owns 1,850,806 shares of the company’s stock worth $192,389,000 after purchasing an additional 81,045 shares during the period. Finally, Meyer Handelman Co. boosted its holdings in shares of Otis Worldwide by 3.2% in the 3rd quarter. Meyer Handelman Co. now owns 106,541 shares of the company’s stock worth $11,074,000 after buying an additional 3,265 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

OTIS has been the subject of a number of research analyst reports. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Wells Fargo & Company raised their price target on shares of Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Barclays increased their price objective on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Finally, Morgan Stanley initiated coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Otis Worldwide has an average rating of “Hold” and an average target price of $102.71.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $104.03 on Monday. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $105.39. The stock has a market cap of $42.06 billion, a PE ratio of 30.07 and a beta of 1.03. The stock has a fifty day moving average of $96.21 and a 200-day moving average of $96.38.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. During the same quarter in the previous year, the firm earned $0.92 EPS. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, sell-side analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.50%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s payout ratio is 45.09%.

About Otis Worldwide

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.