Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Graybill Wealth Management LTD.

Graybill Wealth Management LTD. lowered its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 53,889 shares of the company’s stock after selling 325 shares during the quarter. Otis Worldwide accounts for approximately 2.1% of Graybill Wealth Management LTD.’s investment portfolio, making the stock its 21st largest position. Graybill Wealth Management LTD.’s holdings in Otis Worldwide were worth $5,601,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Riverview Trust Co bought a new stake in shares of Otis Worldwide during the 3rd quarter worth $25,000. Meeder Asset Management Inc. boosted its position in shares of Otis Worldwide by 264.9% in the 2nd 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 period. Jamison Private Wealth Management Inc. increased its stake in Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after purchasing an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC increased its stake in Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after purchasing an additional 250 shares in the last quarter. Finally, Northwest Investment Counselors LLC acquired a new stake in Otis Worldwide during the 3rd quarter worth about $28,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Down 1.4 %

Shares of OTIS traded down $1.48 during midday trading on Tuesday, reaching $104.04. 245,399 shares of the stock were exchanged, compared to its average volume of 2,103,294. The company has a market cap of $42.07 billion, a price-to-earnings ratio of 30.50 and a beta of 1.03. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $106.33. The firm has a 50 day simple moving average of $97.69 and a 200-day simple moving average of $96.67.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. During the same period in the previous year, the company earned $0.92 earnings per share. The company’s revenue was down 3.2% compared to the same quarter last year. Research analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.50%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s payout ratio is 45.09%.

Analysts Set New Price Targets

Several research firms have recently weighed in on OTIS. Morgan Stanley assumed coverage on shares of 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. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Barclays increased their target price on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Wells Fargo & Company increased their price objective on Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $102.71.

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.