Kingsview Wealth Management LLC Increases Stake in Otis Worldwide Co. (NYSE:OTIS)

Kingsview Wealth Management LLC raised its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 13.1% during the 3rd quarter, Holdings Channel.com reports. The firm owned 7,102 shares of the company’s stock after acquiring an additional 820 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Otis Worldwide were worth $738,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cerity Partners LLC lifted its stake in shares of Otis Worldwide by 41.7% during the 3rd quarter. Cerity Partners LLC now owns 48,773 shares of the company’s stock valued at $5,070,000 after buying an additional 14,348 shares in the last quarter. Pacer Advisors Inc. raised its holdings in Otis Worldwide by 31.6% during the 3rd quarter. Pacer Advisors Inc. now owns 71,444 shares of the company’s stock valued at $7,426,000 after acquiring an additional 17,175 shares during the period. Landscape Capital Management L.L.C. purchased a new stake in shares of Otis Worldwide during the third quarter worth $676,000. Advisors Asset Management Inc. grew its position in shares of Otis Worldwide by 3.6% in the third quarter. Advisors Asset Management Inc. now owns 9,173 shares of the company’s stock valued at $953,000 after purchasing an additional 318 shares in the last quarter. Finally, Prospera Private Wealth LLC bought a new stake in shares of Otis Worldwide during the 3rd quarter valued at $297,000. Institutional investors own 88.03% of the company’s stock.

Insider Activity

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Stock Up 0.5 %

OTIS opened at $102.52 on Thursday. The business’s fifty day simple moving average is $101.63 and its 200 day simple moving average is $97.73. Otis Worldwide Co. has a 52 week low of $83.99 and a 52 week high of $106.33. The stock has a market cap of $40.95 billion, a PE ratio of 25.57 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm 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 last year, the company posted $0.95 earnings per share. As a group, equities analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued a $0.39 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.52%. Otis Worldwide’s payout ratio is 38.90%.

Analyst Ratings Changes

Several research analysts have commented on the company. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Morgan Stanley began coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Wells Fargo & Company lowered their target price on shares of 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. Barclays reduced their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Finally, Wolfe Research downgraded 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 given a buy rating to the company. According to data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and an average target price of $104.57.

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.