Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Wilmington Savings Fund Society FSB

Wilmington Savings Fund Society FSB increased its stake in shares of Otis Worldwide Co. (NYSE:OTISFree Report) by 297.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,329 shares of the company’s stock after buying an additional 9,979 shares during the quarter. Wilmington Savings Fund Society FSB’s holdings in Otis Worldwide were worth $1,385,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in OTIS. Sanctuary Advisors LLC increased its holdings in Otis Worldwide by 3.3% in the 3rd quarter. Sanctuary Advisors LLC now owns 23,223 shares of the company’s stock worth $2,350,000 after buying an additional 737 shares during the period. M&T Bank Corp boosted its holdings in shares of Otis Worldwide by 11.2% in the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after acquiring an additional 18,536 shares during the last quarter. TCW Group Inc. increased its stake in shares of Otis Worldwide by 0.5% in the third quarter. TCW Group Inc. now owns 43,563 shares of the company’s stock worth $4,528,000 after acquiring an additional 197 shares during the period. Rehmann Capital Advisory Group raised its holdings in shares of Otis Worldwide by 4.4% during the third quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock worth $299,000 after purchasing an additional 122 shares during the last quarter. Finally, Coldstream Capital Management Inc. lifted its position in Otis Worldwide by 11.8% during the third quarter. Coldstream Capital Management Inc. now owns 2,580 shares of the company’s stock valued at $267,000 after purchasing an additional 272 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $97.79 on Friday. The firm has a fifty day moving average of $101.40 and a 200 day moving average of $98.00. The firm has a market cap of $39.06 billion, a PE ratio of 24.39 and a beta of 1.04. Otis Worldwide Co. has a one year low of $85.42 and a one year high of $106.33.

Otis Worldwide (NYSE:OTISGet Free Report) last released its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The company 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 in the prior year, the firm earned $0.95 EPS. On average, equities analysts predict that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.60%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Morgan Stanley began coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target for the company. Barclays lowered Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price objective on the stock. in a research report on Thursday, December 5th. UBS Group started 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 lowered their price target 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. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $104.50.

View Our Latest Report on Otis Worldwide

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide 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 of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.23% of the stock is owned by company insiders.

About Otis Worldwide

(Free Report)

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.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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