Hartford Funds Management Co LLC Increases Stake in Otis Worldwide Co. (NYSE:OTIS)

Hartford Funds Management Co LLC grew its position in Otis Worldwide Co. (NYSE:OTIS) by 2.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 14,815 shares of the company’s stock after buying an additional 330 shares during the period. Otis Worldwide makes up about 0.1% of Hartford Funds Management Co LLC’s investment portfolio, making the stock its 16th largest holding. Hartford Funds Management Co LLC’s holdings in Otis Worldwide were worth $1,540,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Riverview Trust Co bought a new stake in Otis Worldwide in the 3rd quarter worth about $25,000. Meeder Asset Management Inc. raised its holdings in shares of Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after purchasing an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. lifted its position in Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares during the period. Cranbrook Wealth Management LLC boosted its holdings in Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after purchasing an additional 250 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new stake in Otis Worldwide in the 3rd quarter worth approximately $28,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

OTIS opened at $101.20 on Friday. The firm has a market cap 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 has a 50 day simple moving average of $101.19 and a two-hundred day simple moving average of $97.59.

Otis Worldwide (NYSE:OTIS) last issued its earnings results 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). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the prior year, the company posted $0.95 EPS. The company’s quarterly revenue was up .7% on a year-over-year basis. Equities analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be issued a $0.39 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.54%. Otis Worldwide’s dividend payout ratio is presently 38.90%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on OTIS. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Morgan Stanley assumed 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. Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. UBS Group started coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. Finally, Barclays decreased their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Eight equities 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.com, Otis Worldwide has a consensus rating of “Hold” and an average price target of $104.57.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.23% of the stock is currently owned by corporate insiders.

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.