Captrust Financial Advisors Sells 2,833 Shares of Otis Worldwide Co. (NYSE:OTIS)

Captrust Financial Advisors trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,163 shares of the company’s stock after selling 2,833 shares during the quarter. Captrust Financial Advisors’ holdings in Otis Worldwide were worth $4,071,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Atlantic Union Bankshares Corp boosted its position in shares of Otis Worldwide by 6.4% during the third quarter. Atlantic Union Bankshares Corp now owns 38,688 shares of the company’s stock worth $4,021,000 after purchasing an additional 2,316 shares in the last quarter. William Allan Corp increased its stake in Otis Worldwide by 0.6% in the 3rd quarter. William Allan Corp now owns 47,346 shares of the company’s stock valued at $4,921,000 after buying an additional 272 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Otis Worldwide by 5.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,285,837 shares of the company’s stock valued at $341,530,000 after buying an additional 171,573 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Otis Worldwide by 10.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 142,724 shares of the company’s stock worth $14,835,000 after purchasing an additional 13,246 shares during the last quarter. Finally, CreativeOne Wealth LLC acquired a new position in shares of Otis Worldwide during the 3rd quarter worth about $230,000. 88.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Barclays lowered their price objective on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Morgan Stanley initiated coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. UBS Group began coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. Finally, Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $104.57.

Insider Transactions at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction 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 $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Stock Down 0.7 %

NYSE OTIS opened at $101.07 on Wednesday. The firm has a 50-day moving average price of $102.01 and a two-hundred day moving average price of $97.85. Otis Worldwide Co. has a 12-month low of $85.42 and a 12-month high of $106.33. The company has a market capitalization of $40.37 billion, a P/E ratio of 25.20 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued 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). 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 for the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the company posted $0.95 EPS. The business’s revenue was up .7% on a year-over-year basis. Equities analysts expect that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Dividend Announcement

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 issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Otis Worldwide 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.