Charles Schwab Investment Management Inc. Cuts Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Charles Schwab Investment Management Inc. decreased its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,236,545 shares of the company’s stock after selling 1,705 shares during the period. Charles Schwab Investment Management Inc. owned 0.56% of Otis Worldwide worth $232,466,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Pacer Advisors Inc. lifted its holdings in shares of Otis Worldwide by 31.6% during the 3rd quarter. Pacer Advisors Inc. now owns 71,444 shares of the company’s stock valued at $7,426,000 after purchasing an additional 17,175 shares during the last quarter. Landscape Capital Management L.L.C. purchased a new stake in shares of Otis Worldwide during the third quarter worth about $676,000. Advisors Asset Management Inc. increased its holdings in shares of Otis Worldwide by 3.6% during the third quarter. Advisors Asset Management Inc. now owns 9,173 shares of the company’s stock valued at $953,000 after acquiring an additional 318 shares in the last quarter. Prospera Private Wealth LLC purchased a new position in shares of Otis Worldwide in the 3rd quarter valued at approximately $297,000. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Otis Worldwide in the 3rd quarter worth approximately $23,990,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $101.20 on Friday. The stock has a market capitalization of $40.43 billion, a P/E ratio of 25.24 and a beta of 1.04. Otis Worldwide Co. has a 1 year low of $83.99 and a 1 year high of $106.33. The company’s fifty day moving average price is $101.19 and its 200 day moving average price is $97.59.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 30th. The company reported $0.96 EPS 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 analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide’s revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.95 EPS. Sell-side analysts predict that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders 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 1.54%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Insider Activity

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated 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 directly owns 9,992 shares of the company’s stock, valued at $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. Corporate 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.