Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Dai ichi Life Insurance Company Ltd

Dai ichi Life Insurance Company Ltd lowered its holdings in Otis Worldwide Co. (NYSE:OTIS) by 85.4% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,930 shares of the company’s stock after selling 23,000 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Otis Worldwide were worth $408,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Riverview Trust Co purchased a new stake in shares of Otis Worldwide during the third quarter worth $25,000. Meeder Asset Management Inc. grew its stake in Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after purchasing an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. increased its holdings in Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after purchasing an additional 286 shares during the period. Cranbrook Wealth Management LLC raised its position 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 purchasing an additional 250 shares in the last quarter. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Otis Worldwide in the 3rd quarter valued at about $28,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on OTIS shares. Morgan Stanley started coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Finally, Wells Fargo & Company dropped their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $104.57.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the firm’s 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 completion of the sale, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.23% of the stock is owned by company insiders.

Otis Worldwide Stock Up 0.5 %

Shares of NYSE OTIS opened at $102.52 on Friday. The business has a 50-day moving average price of $101.63 and a 200 day moving average price of $97.73. The stock has a market cap of $40.95 billion, a PE ratio of 25.57 and a beta of 1.04. Otis Worldwide Co. has a 52-week low of $83.99 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data 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). The firm 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 in the previous year, the company posted $0.95 earnings per share. Sell-side analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently announced 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. 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 1.52%. Otis Worldwide’s payout ratio is 38.90%.

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.