Kovitz Investment Group Partners LLC Has $2.92 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

Kovitz Investment Group Partners LLC raised its holdings in Otis Worldwide Co. (NYSE:OTIS) by 40.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,114 shares of the company’s stock after acquiring an additional 8,093 shares during the period. Kovitz Investment Group Partners LLC’s holdings in Otis Worldwide were worth $2,922,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Wellington Management Group LLP grew its stake in shares of Otis Worldwide by 11.9% during the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock worth $382,546,000 after buying an additional 391,206 shares during the last quarter. Stifel Financial Corp grew its position in Otis Worldwide by 3.7% during the 3rd quarter. Stifel Financial Corp now owns 87,852 shares of the company’s stock worth $9,132,000 after acquiring an additional 3,120 shares during the last quarter. Royal London Asset Management Ltd. increased its holdings in Otis Worldwide by 1.8% in the 3rd quarter. Royal London Asset Management Ltd. now owns 201,255 shares of the company’s stock worth $20,918,000 after purchasing an additional 3,635 shares in the last quarter. Redwood Investment Management LLC raised its position in Otis Worldwide by 4.1% in the third quarter. Redwood Investment Management LLC now owns 15,027 shares of the company’s stock valued at $1,569,000 after purchasing an additional 593 shares during the last quarter. Finally, Morse Asset Management Inc acquired a new stake in shares of Otis Worldwide during the third quarter valued at about $130,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of the business’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 completion of the sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $100.90 on Tuesday. Otis Worldwide Co. has a 1 year low of $85.42 and a 1 year high of $106.33. The business’s 50-day moving average is $101.91 and its 200-day moving average is $97.92. The company has a market capitalization of $40.31 billion, a price-to-earnings ratio of 25.16 and a beta of 1.04.

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

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.55%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on OTIS. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Barclays downgraded shares of Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price target for the company. in a research note on Thursday, December 5th. Morgan Stanley initiated coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective on the stock. Wells Fargo & Company lowered their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Finally, UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average target price 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.