Teachers Retirement System of The State of Kentucky Has $3.16 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Teachers Retirement System of The State of Kentucky cut its stake in Otis Worldwide Co. (NYSE:OTIS) by 6.6% in the 3rd quarter, Holdings Channel.com reports. The fund owned 30,400 shares of the company’s stock after selling 2,157 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Otis Worldwide were worth $3,159,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Coldstream Capital Management Inc. increased its position in shares of Otis Worldwide by 11.8% in the third quarter. Coldstream Capital Management Inc. now owns 2,580 shares of the company’s stock worth $267,000 after purchasing an additional 272 shares during the period. Geode Capital Management LLC grew its stake in Otis Worldwide by 1.4% during the third quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock worth $1,146,045,000 after buying an additional 152,072 shares in the last quarter. Foyston Gordon & Payne Inc increased its holdings in Otis Worldwide by 1.3% in the 3rd quarter. Foyston Gordon & Payne Inc now owns 55,938 shares of the company’s stock valued at $5,814,000 after buying an additional 744 shares during the period. Savoie Capital LLC acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at approximately $210,000. Finally, Resources Management Corp CT ADV lifted its holdings in shares of Otis Worldwide by 354.0% during the 3rd quarter. Resources Management Corp CT ADV now owns 1,480 shares of the company’s stock worth $154,000 after acquiring an additional 1,154 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on OTIS. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research note on Thursday. Wells Fargo & Company decreased their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. UBS Group assumed coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. Barclays downgraded Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 target price for the company. in a research note on Thursday, December 5th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. 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 stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $104.50.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $97.79 on Friday. The business has a 50 day moving average of $101.40 and a 200-day moving average of $98.00. Otis Worldwide Co. has a 1 year low of $85.42 and a 1 year high of $106.33. The company has a market capitalization of $39.06 billion, a P/E ratio of 24.39 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company’s revenue was up .7% compared to the same quarter last year. During the same quarter last year, the company posted $0.95 earnings per share. Equities analysts anticipate that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.60%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s payout ratio is presently 38.90%.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.23% of the company’s stock.

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.