Equitable Trust Co. Lowers Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Equitable Trust Co. reduced its stake in Otis Worldwide Co. (NYSE:OTIS) by 5.9% during the third quarter, HoldingsChannel reports. The firm owned 223,746 shares of the company’s stock after selling 14,043 shares during the period. Otis Worldwide comprises about 1.5% of Equitable Trust Co.’s portfolio, making the stock its 12th biggest holding. Equitable Trust Co.’s holdings in Otis Worldwide were worth $23,256,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital Performance Advisors LLP purchased a new position in shares of Otis Worldwide during the third quarter worth approximately $34,000. Olympiad Research LP purchased a new position in shares of Otis Worldwide during the third quarter worth approximately $227,000. Montecito Bank & Trust purchased a new position in shares of Otis Worldwide during the third quarter worth approximately $289,000. Principal Financial Group Inc. raised its stake in shares of Otis Worldwide by 1.3% during the third quarter. Principal Financial Group Inc. now owns 471,044 shares of the company’s stock worth $48,960,000 after acquiring an additional 6,261 shares in the last quarter. Finally, US Financial Advisors LLC purchased a new position in shares of Otis Worldwide during the third quarter worth approximately $213,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Down 0.9 %

NYSE:OTIS opened at $100.05 on Friday. The stock has a market cap of $39.97 billion, a P/E ratio of 24.95 and a beta of 1.04. The firm’s fifty day simple moving average is $99.65 and its 200 day simple moving average is $97.03. Otis Worldwide Co. has a twelve month low of $80.49 and a twelve month high of $106.33.

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

Otis Worldwide Announces Dividend

The firm also recently announced 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 1.56%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Wall Street Analyst Weigh In

Several research analysts have commented 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 cut their target price 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 restated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Morgan Stanley initiated 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. Finally, Barclays cut their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $102.00.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company 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.