Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Public Sector Pension Investment Board

Public Sector Pension Investment Board lowered its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 91.5% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 16,971 shares of the company’s stock after selling 181,900 shares during the quarter. Public Sector Pension Investment Board’s holdings in Otis Worldwide were worth $1,764,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Appian Way Asset Management LP acquired a new stake in shares of Otis Worldwide in the second quarter worth $991,000. Cetera Investment Advisers raised its position in Otis Worldwide by 259.1% in the first quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after purchasing an additional 33,457 shares during the period. Blair William & Co. IL lifted its stake in shares of Otis Worldwide by 64.7% during the second quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock worth $2,363,000 after purchasing an additional 9,643 shares in the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Otis Worldwide by 11.1% in the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after buying an additional 4,918 shares during the period. Finally, Handelsbanken Fonder AB grew its stake in shares of Otis Worldwide by 6.3% in the third quarter. Handelsbanken Fonder AB now owns 228,821 shares of the company’s stock valued at $23,784,000 after buying an additional 13,602 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Down 2.0 %

Shares of NYSE OTIS opened at $99.12 on Friday. The stock has a market capitalization of $39.59 billion, a P/E ratio of 24.73 and a beta of 1.04. The stock’s 50 day moving average price is $102.09 and its two-hundred day moving average price is $97.90. Otis Worldwide Co. has a 52-week low of $85.42 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data 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). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm 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 earned $0.95 earnings per share. The business’s revenue for the quarter was up .7% compared to the same quarter last year. On average, analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.57%. Otis Worldwide’s dividend payout ratio (DPR) is 38.90%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Morgan Stanley started coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective on the stock. Finally, UBS Group initiated coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $104.57.

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.