Versant Capital Management Inc Purchases 478 Shares of Otis Worldwide Co. (NYSE:OTIS)

Versant Capital Management Inc raised its position in Otis Worldwide Co. (NYSE:OTIS) by 310.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 632 shares of the company’s stock after purchasing an additional 478 shares during the period. Versant Capital Management Inc’s holdings in Otis Worldwide were worth $59,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of OTIS. TD Asset Management Inc increased its position in shares of Otis Worldwide by 3.3% in the 2nd quarter. TD Asset Management Inc now owns 167,156 shares of the company’s stock valued at $16,090,000 after buying an additional 5,327 shares in the last quarter. National Bank of Canada FI grew its stake in Otis Worldwide by 14.7% in the second quarter. National Bank of Canada FI now owns 190,895 shares of the company’s stock valued at $18,113,000 after acquiring an additional 24,485 shares during the period. Victory Capital Management Inc. raised its position in shares of Otis Worldwide by 65.3% during the second quarter. Victory Capital Management Inc. now owns 527,337 shares of the company’s stock worth $50,761,000 after purchasing an additional 208,322 shares during the period. Candriam S.C.A. raised its position in shares of Otis Worldwide by 1.0% during the second quarter. Candriam S.C.A. now owns 292,630 shares of the company’s stock worth $28,167,000 after purchasing an additional 2,858 shares during the period. Finally, Savant Capital LLC lifted its holdings in shares of Otis Worldwide by 1.7% during the 2nd quarter. Savant Capital LLC now owns 18,713 shares of the company’s stock valued at $1,801,000 after purchasing an additional 313 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on OTIS shares. Wells Fargo & Company dropped 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 report on Thursday, October 31st. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Barclays lowered shares of Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 target price for the company. in a research note on Thursday, December 5th. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research note on Thursday, December 12th. Finally, UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average target price of $104.50.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction 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 completion of the sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Stock Performance

OTIS opened at $92.89 on Monday. The business’s 50-day simple moving average is $98.37 and its 200 day simple moving average is $97.56. Otis Worldwide Co. has a 52-week low of $85.42 and a 52-week high of $106.33. The firm has a market capitalization of $37.11 billion, a PE ratio of 23.16 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last released 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 company 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 company’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.95 EPS. On average, research analysts forecast that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were issued a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.68%. Otis Worldwide’s payout ratio 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.