Larson Financial Group LLC Acquires 2,230 Shares of Otis Worldwide Co. (NYSE:OTIS)

Larson Financial Group LLC lifted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 53.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,395 shares of the company’s stock after buying an additional 2,230 shares during the quarter. Larson Financial Group LLC’s holdings in Otis Worldwide were worth $665,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in OTIS. Advisors Asset Management Inc. boosted its position in Otis Worldwide by 31.6% in the 1st quarter. Advisors Asset Management Inc. now owns 8,048 shares of the company’s stock valued at $799,000 after buying an additional 1,934 shares during the last quarter. Silvercrest Asset Management Group LLC increased its position in Otis Worldwide by 2.2% in the first quarter. Silvercrest Asset Management Group LLC now owns 25,076 shares of the company’s stock worth $2,489,000 after purchasing an additional 537 shares during the period. Janus Henderson Group PLC raised its holdings in Otis Worldwide by 4.2% during the 1st quarter. Janus Henderson Group PLC now owns 89,135 shares of the company’s stock worth $8,848,000 after purchasing an additional 3,590 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its position in Otis Worldwide by 15.3% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 8,045 shares of the company’s stock valued at $799,000 after purchasing an additional 1,068 shares during the period. Finally, California State Teachers Retirement System boosted its stake in shares of Otis Worldwide by 0.7% in the 1st quarter. California State Teachers Retirement System now owns 651,523 shares of the company’s stock valued at $64,677,000 after purchasing an additional 4,472 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the firm’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 of the company’s stock, valued at $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 available through the SEC website. Company insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on OTIS. Barclays dropped their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Morgan Stanley started coverage on Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, 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. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $104.57.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $102.49 on Tuesday. Otis Worldwide Co. has a 1 year low of $83.99 and a 1 year high of $106.33. The company has a market capitalization of $40.94 billion, a P/E ratio of 25.56 and a beta of 1.04. The business has a 50-day moving average of $101.34 and a two-hundred day moving average of $97.66.

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

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders 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 yield of 1.52%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

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.