Otis Worldwide Co. (NYSE:OTIS) Stock Position Decreased by Summit Trail Advisors LLC

Summit Trail Advisors LLC cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 13.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,099 shares of the company’s stock after selling 1,088 shares during the period. Summit Trail Advisors LLC’s holdings in Otis Worldwide were worth $738,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. PineStone Asset Management Inc. grew its position in 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 purchasing an additional 2,590,780 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Otis Worldwide by 3,673.6% during the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock valued at $232,662,000 after buying an additional 2,201,988 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Otis Worldwide by 12.4% during 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 buying an additional 907,972 shares during the period. Sarasin & Partners LLP lifted its stake in Otis Worldwide by 27.2% in the 2nd 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. boosted its position in Otis Worldwide by 2,782.3% during the 2nd 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 period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on OTIS. UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Barclays cut 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 research report on Thursday, October 31st. Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Morgan Stanley began coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average price target of $104.57.

Otis Worldwide Trading Up 1.3 %

Shares of NYSE:OTIS opened at $102.49 on Tuesday. The stock has a market capitalization of $40.94 billion, a PE ratio of 25.56 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 firm has a fifty day moving average price of $101.34 and a 200 day moving average price of $97.66.

Otis Worldwide (NYSE:OTIS) last released 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). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter last year, the company posted $0.95 EPS. The business’s revenue was up .7% compared to the same quarter last year. On average, sell-side analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio is 38.90%.

Insider Transactions at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the firm’s 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 sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is owned by corporate insiders.

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.