Otis Worldwide Co. (NYSE:OTIS) Stock Holdings Lowered by MAI Capital Management

MAI Capital Management trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.0% in the third quarter, HoldingsChannel reports. The institutional investor owned 121,877 shares of the company’s stock after selling 2,445 shares during the quarter. MAI Capital Management’s holdings in Otis Worldwide were worth $12,668,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in OTIS. Massachusetts Financial Services Co. MA boosted its stake in shares of Otis Worldwide by 12.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after acquiring an additional 907,972 shares in the last quarter. PineStone Asset Management Inc. lifted its holdings in shares of Otis Worldwide by 138.3% during the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after purchasing an additional 2,590,780 shares during the last quarter. Sarasin & Partners LLP boosted its position in shares of Otis Worldwide by 27.2% in the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after purchasing an additional 883,659 shares during the period. Legal & General Group Plc increased its stake in Otis Worldwide by 0.4% in the 2nd quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock worth $352,351,000 after purchasing an additional 15,021 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Otis Worldwide by 4.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,523,091 shares of the company’s stock worth $242,873,000 after buying an additional 101,955 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the firm’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 value of $909,180.00. Following the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Trading Up 1.7 %

Shares of NYSE:OTIS opened at $100.77 on Tuesday. The business has a fifty day simple moving average of $100.59 and a 200 day simple moving average of $97.42. Otis Worldwide Co. has a 1 year low of $83.66 and a 1 year high of $106.33. The firm has a market cap of $40.25 billion, a price-to-earnings ratio of 25.13 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same period last year, the business earned $0.95 earnings per share. On average, sell-side analysts forecast that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.55%. Otis Worldwide’s dividend payout ratio (DPR) is 38.90%.

Analyst Ratings Changes

Several research analysts have commented on OTIS shares. Barclays decreased 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 report on Thursday, October 31st. Morgan Stanley started coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Wells Fargo & Company decreased 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 initiated coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target 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.