Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Fiduciary Trust Co

Fiduciary Trust Co trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.3% during the third quarter, Holdings Channel reports. The firm owned 39,548 shares of the company’s stock after selling 3,098 shares during the quarter. Fiduciary Trust Co’s holdings in Otis Worldwide were worth $4,111,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of OTIS. PineStone Asset Management Inc. raised its holdings in shares of Otis Worldwide by 138.3% during the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after purchasing an additional 2,590,780 shares during the period. Van ECK Associates Corp increased its holdings in shares of Otis Worldwide by 3,673.6% in the 3rd quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock worth $232,662,000 after acquiring an additional 2,201,988 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of Otis Worldwide by 12.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after acquiring an additional 907,972 shares during the period. Sarasin & Partners LLP increased its holdings in shares of Otis Worldwide by 27.2% in the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after acquiring an additional 883,659 shares during the period. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of Otis Worldwide by 2,782.3% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after acquiring an additional 786,897 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were 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 directly owns 9,992 shares in the company, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of analyst reports. Wells Fargo & Company dropped their price objective 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. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Barclays lowered their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Finally, UBS Group started coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $104.57.

Otis Worldwide Trading Up 0.5 %

NYSE:OTIS opened at $102.52 on Friday. Otis Worldwide Co. has a twelve month low of $83.99 and a twelve month high of $106.33. The company has a 50-day moving average of $101.63 and a 200-day moving average of $97.73. The firm has a market cap of $40.95 billion, a price-to-earnings ratio of 25.57 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data 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). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter last year, the business posted $0.95 EPS. The business’s revenue for the quarter was up .7% on a year-over-year basis. On average, research analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

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 $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.52%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s payout ratio is 38.90%.

Otis Worldwide 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.