Otis Worldwide Co. (NYSE:OTIS) Holdings Boosted by J. Stern & Co. LLP

J. Stern & Co. LLP grew its holdings in Otis Worldwide Co. (NYSE:OTIS) by 3.5% in the third quarter, Holdings Channel.com reports. The firm owned 391,709 shares of the company’s stock after purchasing an additional 13,096 shares during the period. Otis Worldwide comprises approximately 4.3% of J. Stern & Co. LLP’s investment portfolio, making the stock its 12th largest position. J. Stern & Co. LLP’s holdings in Otis Worldwide were worth $40,714,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of OTIS. Advisors Asset Management Inc. grew its position in Otis Worldwide by 31.6% during the first quarter. Advisors Asset Management Inc. now owns 8,048 shares of the company’s stock valued at $799,000 after purchasing an additional 1,934 shares in the last quarter. Silvercrest Asset Management Group LLC grew its holdings in shares of Otis Worldwide by 2.2% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 25,076 shares of the company’s stock valued at $2,489,000 after acquiring an additional 537 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of Otis Worldwide by 4.2% in the first quarter. Janus Henderson Group PLC now owns 89,135 shares of the company’s stock worth $8,848,000 after acquiring an additional 3,590 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in shares of Otis Worldwide by 15.3% during the first quarter. B. Riley Wealth Advisors Inc. now owns 8,045 shares of the company’s stock worth $799,000 after acquiring an additional 1,068 shares in the last quarter. Finally, California State Teachers Retirement System grew its stake in Otis Worldwide by 0.7% in the first 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 in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Down 0.6 %

OTIS traded down $0.61 during trading on Tuesday, hitting $101.85. The stock had a trading volume of 56,842 shares, compared to its average volume of 2,103,558. Otis Worldwide Co. has a 12 month low of $83.99 and a 12 month high of $106.33. The company has a 50 day simple moving average of $101.34 and a 200-day simple moving average of $97.66. The firm has a market cap of $40.69 billion, a PE ratio of 25.56 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last announced its 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 business had revenue of $3.55 billion for 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%. Otis Worldwide’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.95 EPS. As a group, sell-side analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be given a $0.39 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.53%. Otis Worldwide’s dividend payout ratio is 38.90%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company reduced their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Barclays cut 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 report on Thursday, October 31st. Finally, Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $104.57.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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.