Natixis Advisors LLC Lowers Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Natixis Advisors LLC lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 257,049 shares of the company’s stock after selling 9,703 shares during the quarter. Natixis Advisors LLC’s holdings in Otis Worldwide were worth $26,718,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Riverview Trust Co purchased a new position in shares of Otis Worldwide in the third quarter valued at approximately $25,000. Meeder Asset Management Inc. lifted its position in shares of Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after acquiring an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. lifted its position in shares of Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after acquiring an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC lifted its position in shares of Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after acquiring an additional 250 shares in the last quarter. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Otis Worldwide in the third quarter valued at approximately $28,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the topic of several research reports. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Morgan Stanley began coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. Barclays cut their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Finally, Wells Fargo & Company cut their price target 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. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $104.57.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide 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 completion of the sale, the executive vice president now directly owns 9,992 shares of the company’s stock, 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 filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Up 1.7 %

OTIS stock opened at $100.77 on Tuesday. The business has a fifty day moving average of $100.59 and a two-hundred day moving average of $97.42. The stock has a market cap of $40.25 billion, a price-to-earnings ratio of 25.13 and a beta of 1.04. Otis Worldwide Co. has a 52-week low of $83.66 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its earnings results 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 business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same period last year, the business earned $0.95 EPS. Otis Worldwide’s revenue was up .7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be paid a $0.39 dividend. 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 presently 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.