Empirical Finance LLC Has $1.48 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Empirical Finance LLC boosted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 2.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,216 shares of the company’s stock after acquiring an additional 276 shares during the period. Empirical Finance LLC’s holdings in Otis Worldwide were worth $1,478,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Empowered Funds LLC boosted its holdings in shares of Otis Worldwide by 43.6% during the first quarter. Empowered Funds LLC now owns 6,205 shares of the company’s stock worth $616,000 after acquiring an additional 1,884 shares during the period. First Eagle Investment Management LLC boosted its stake in Otis Worldwide by 173.7% in the 1st quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock valued at $1,990,000 after purchasing an additional 12,722 shares during the period. Kingsview Wealth Management LLC grew its holdings in Otis Worldwide by 8.1% in the 1st quarter. Kingsview Wealth Management LLC now owns 6,099 shares of the company’s stock valued at $605,000 after buying an additional 455 shares in the last quarter. Nicolet Advisory Services LLC bought a new position in Otis Worldwide during the 1st quarter worth $209,000. Finally, Intech Investment Management LLC lifted its holdings in shares of Otis Worldwide by 13.7% during the first quarter. Intech Investment Management LLC now owns 39,215 shares of the company’s stock worth $3,893,000 after buying an additional 4,720 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

NYSE OTIS opened at $99.10 on Friday. Otis Worldwide Co. has a fifty-two week low of $83.21 and a fifty-two week high of $106.33. The business has a fifty day moving average price of $100.41 and a two-hundred day moving average price of $97.27. The stock 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 released 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 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%. The business’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the business earned $0.95 earnings per share. As a group, sell-side analysts expect that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s payout ratio is 38.90%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the topic of several research reports. UBS Group started coverage on shares of Otis Worldwide in a research note on Wednesday. They issued a “neutral” rating and a $113.00 price target on the stock. Barclays lowered 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 report on Thursday, October 31st. Wells Fargo & Company reduced their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Morgan Stanley started coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus target price of $104.57.

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.