Meeder Advisory Services Inc. Boosts Stake in Otis Worldwide Co. (NYSE:OTIS)

Meeder Advisory Services Inc. lifted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 4.9% in the 3rd quarter, Holdings Channel.com reports. The firm owned 8,269 shares of the company’s stock after purchasing an additional 386 shares during the quarter. Meeder Advisory Services Inc.’s holdings in Otis Worldwide were worth $859,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of OTIS. Hancock Whitney Corp increased its stake in shares of Otis Worldwide by 4.6% during the first quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock worth $253,000 after purchasing an additional 111 shares in the last quarter. Optas LLC increased its stake in Otis Worldwide by 2.2% during the 3rd quarter. Optas LLC now owns 5,522 shares of the company’s stock worth $574,000 after buying an additional 118 shares in the last quarter. Brighton Jones LLC increased its stake in Otis Worldwide by 5.0% during the 2nd quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock worth $248,000 after buying an additional 124 shares in the last quarter. Park Avenue Securities LLC raised its holdings in shares of Otis Worldwide by 0.9% during the second quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock valued at $1,437,000 after acquiring an additional 127 shares during the last quarter. Finally, Resonant Capital Advisors LLC lifted its position in shares of Otis Worldwide by 4.6% in the second quarter. Resonant Capital Advisors LLC now owns 3,426 shares of the company’s stock valued at $330,000 after acquiring an additional 150 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Morgan Stanley began 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 for the company. Barclays lowered their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. UBS Group initiated coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Finally, Wells Fargo & Company lowered their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $104.57.

Otis Worldwide Stock Performance

OTIS opened at $100.28 on Wednesday. The stock has a market capitalization of $40.06 billion, a PE ratio of 25.01 and a beta of 1.04. Otis Worldwide Co. has a one year low of $83.66 and a one year high of $106.33. The business’s 50 day moving average price is $100.76 and its 200 day moving average price is $97.48.

Otis Worldwide (NYSE:OTIS) last announced its quarterly 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 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 business’s revenue for the quarter was up .7% on a year-over-year basis. During the same period last year, the company earned $0.95 EPS. As a group, equities research analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be paid a $0.39 dividend. 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 38.90%.

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.