Kentucky Retirement Systems Insurance Trust Fund Has $1.23 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Kentucky Retirement Systems Insurance Trust Fund lessened its stake in Otis Worldwide Co. (NYSE:OTIS) by 9.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,859 shares of the company’s stock after selling 1,182 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Otis Worldwide were worth $1,233,000 at the end of the most recent reporting period.

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

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s 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 transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $99.10 on Monday. Otis Worldwide Co. has a fifty-two week low of $83.21 and a fifty-two week high of $106.33. The company has a 50 day simple moving average of $100.41 and a two-hundred day simple moving average of $97.35. The company has a market capitalization of $39.59 billion, a PE ratio of 24.71 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up .7% compared to the same quarter last year. During the same quarter last year, the company earned $0.95 earnings per share. Research analysts predict that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders 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 dividend yield of 1.57%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio is 38.90%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on OTIS shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. UBS Group started coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Morgan Stanley initiated coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Finally, Barclays reduced their price target 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. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $104.57.

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.