Rehmann Capital Advisory Group Has $299,000 Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Rehmann Capital Advisory Group grew its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.4% in the 3rd quarter, Holdings Channel.com reports. The fund owned 2,867 shares of the company’s stock after purchasing an additional 122 shares during the period. Rehmann Capital Advisory Group’s holdings in Otis Worldwide were worth $299,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of OTIS. Riverview Trust Co acquired a new stake in Otis Worldwide in the third quarter valued at $25,000. Meeder Asset Management Inc. increased its stake in shares of Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after buying an additional 196 shares during the period. Cranbrook Wealth Management LLC raised its position in shares of Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after acquiring an additional 250 shares during the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of Otis Worldwide in the third quarter worth approximately $28,000. Finally, Hantz Financial Services Inc. bought a new stake in Otis Worldwide in the second quarter valued at approximately $29,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on OTIS shares. UBS Group started coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research report on Thursday. Morgan Stanley assumed coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Barclays downgraded Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price target for the company. in a report on Thursday, December 5th. Finally, Wells Fargo & Company dropped their price objective on 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. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $104.50.

Otis Worldwide Price Performance

Shares of OTIS opened at $97.79 on Friday. The stock has a 50-day moving average of $101.40 and a 200-day moving average of $97.98. Otis Worldwide Co. has a one year low of $85.42 and a one year high of $106.33. The company has a market cap of $39.06 billion, a PE ratio of 24.39 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same period last year, the business posted $0.95 EPS. The company’s revenue was up .7% on a year-over-year basis. Analysts expect that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.60%. 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 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 directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.23% of the company’s stock.

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.