CWA Asset Management Group LLC Purchases Shares of 2,021 Otis Worldwide Co. (NYSE:OTIS)

CWA Asset Management Group LLC purchased a new position in Otis Worldwide Co. (NYSE:OTIS) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,021 shares of the company’s stock, valued at approximately $210,000.

A number of other large investors have also modified their holdings of OTIS. Empowered Funds LLC lifted its position in shares of Otis Worldwide by 43.6% during the 1st quarter. Empowered Funds LLC now owns 6,205 shares of the company’s stock worth $616,000 after purchasing an additional 1,884 shares during the last quarter. ProShare Advisors LLC boosted its position in shares of Otis Worldwide by 15.3% during the 1st quarter. ProShare Advisors LLC now owns 67,586 shares of the company’s stock worth $6,709,000 after acquiring an additional 8,969 shares in the last quarter. Bleakley Financial Group LLC increased its holdings in shares of Otis Worldwide by 1.2% in the 1st quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock valued at $965,000 after acquiring an additional 117 shares during the last quarter. State Board of Administration of Florida Retirement System raised its position in shares of Otis Worldwide by 1.0% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 477,478 shares of the company’s stock worth $47,399,000 after acquiring an additional 4,558 shares in the last quarter. Finally, First Eagle Investment Management LLC lifted its stake in Otis Worldwide by 173.7% during the first quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock worth $1,990,000 after purchasing an additional 12,722 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.7 %

Shares of OTIS stock opened at $100.39 on Thursday. Otis Worldwide Co. has a 12-month low of $82.43 and a 12-month high of $106.33. The company has a market cap of $40.10 billion, a price-to-earnings ratio of 25.04 and a beta of 1.04. The stock has a 50 day simple moving average of $99.99 and a 200-day simple moving average of $97.19.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The business 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%. Otis Worldwide’s revenue was up .7% compared to the same quarter last year. During the same period last year, the business posted $0.95 EPS. On average, equities analysts forecast 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. Stockholders of record on Friday, November 15th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.55%. Otis Worldwide’s payout ratio is 38.90%.

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 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 sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. UBS Group started coverage on shares of Otis Worldwide in a research report on Wednesday. They issued a “neutral” rating and a $113.00 price target for the company. Barclays dropped their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Wells Fargo & Company reduced their target price 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. Finally, Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus 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.