Prospector Partners LLC Buys 4,890 Shares of Otis Worldwide Co. (NYSE:OTIS)

Prospector Partners LLC increased its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 128,815 shares of the company’s stock after buying an additional 4,890 shares during the quarter. Otis Worldwide accounts for 1.4% of Prospector Partners LLC’s investment portfolio, making the stock its 28th largest holding. Prospector Partners LLC’s holdings in Otis Worldwide were worth $13,389,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Riverview Trust Co bought a new stake in shares of Otis Worldwide in the 3rd quarter worth $25,000. Meeder Asset Management Inc. boosted its holdings in Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after purchasing an additional 196 shares during the last quarter. Northwest Investment Counselors LLC bought a new stake in Otis Worldwide in the 3rd quarter worth about $28,000. Ashton Thomas Securities LLC bought a new stake in Otis Worldwide in the 3rd quarter worth about $29,000. Finally, Cranbrook Wealth Management LLC increased its stake in Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after buying an additional 250 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on OTIS shares. UBS Group assumed coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Morgan Stanley started coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Finally, Barclays decreased their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $104.57.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, 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 Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is owned by insiders.

Otis Worldwide Stock Performance

Shares of OTIS opened at $102.49 on Tuesday. The stock’s 50-day simple moving average is $101.34 and its 200 day simple moving average is $97.66. Otis Worldwide Co. has a 52-week low of $83.99 and a 52-week high of $106.33. The stock has a market capitalization of $40.94 billion, a price-to-earnings ratio of 25.56 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last released its quarterly 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 firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the previous year, the company posted $0.95 EPS. The company’s revenue for the quarter was up .7% compared to the same quarter last year. On average, research 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 issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s payout ratio is 38.90%.

Otis Worldwide 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.