Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Advisors Asset Management Inc.

Advisors Asset Management Inc. lifted its position in Otis Worldwide Co. (NYSE:OTIS) by 3.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,173 shares of the company’s stock after purchasing an additional 318 shares during the quarter. Advisors Asset Management Inc.’s holdings in Otis Worldwide were worth $953,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Hancock Whitney Corp lifted its stake in Otis Worldwide by 4.6% in the first quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock valued at $253,000 after buying an additional 111 shares during the last quarter. Optas LLC boosted its stake in Otis Worldwide by 2.2% during the 3rd quarter. Optas LLC now owns 5,522 shares of the company’s stock worth $574,000 after purchasing an additional 118 shares during the period. Brighton Jones LLC grew its position in Otis Worldwide by 5.0% during the 2nd quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock worth $248,000 after purchasing an additional 124 shares during the last quarter. Park Avenue Securities LLC increased its stake in Otis Worldwide by 0.9% in the second quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock valued at $1,437,000 after purchasing an additional 127 shares during the period. Finally, Resonant Capital Advisors LLC raised its holdings in shares of Otis Worldwide by 4.6% in the second quarter. Resonant Capital Advisors LLC now owns 3,426 shares of the company’s stock valued at $330,000 after buying an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $101.96 on Wednesday. The company’s fifty day moving average is $101.46 and its two-hundred day moving average is $97.69. The firm has a market capitalization of $40.73 billion, a P/E ratio of 25.43 and a beta of 1.04. Otis Worldwide Co. has a one year low of $83.99 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its earnings results 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 negative return on equity of 31.28% and a net margin of 11.48%. The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the previous year, the company posted $0.95 earnings per share. The company’s quarterly revenue was up .7% compared to the same quarter last year. On average, sell-side analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be issued 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 1.53%. Otis Worldwide’s dividend payout ratio is presently 38.90%.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide 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 transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.23% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on OTIS shares. Barclays lowered their price target 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. Morgan Stanley assumed coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Wells Fargo & Company lowered 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 research report on Thursday, October 31st. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average price target 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.