Haverford Trust Co Buys 180 Shares of Otis Worldwide Co. (NYSE:OTIS)

Haverford Trust Co grew its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 8.4% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,328 shares of the company’s stock after acquiring an additional 180 shares during the period. Haverford Trust Co’s holdings in Otis Worldwide were worth $242,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. PineStone Asset Management Inc. boosted its position in Otis Worldwide by 138.3% during the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after purchasing an additional 2,590,780 shares during the period. Van ECK Associates Corp lifted its position in shares of Otis Worldwide by 3,673.6% during the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock worth $232,662,000 after acquiring an additional 2,201,988 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after acquiring an additional 907,972 shares during the period. Sarasin & Partners LLP grew its holdings in Otis Worldwide by 27.2% during the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after buying an additional 883,659 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its position in shares of Otis Worldwide by 2,782.3% during the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock valued at $78,469,000 after buying an additional 786,897 shares during the period. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.7 %

Shares of NYSE:OTIS opened at $99.72 on Friday. The company’s fifty day moving average is $100.11 and its 200 day moving average is $97.21. Otis Worldwide Co. has a 52 week low of $83.21 and a 52 week high of $106.33. The stock has a market cap of $39.83 billion, a PE ratio of 24.87 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last posted its quarterly 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 company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter in the previous year, the business earned $0.95 earnings per share. Otis Worldwide’s revenue was up .7% compared to the same quarter last year. Sell-side analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s payout ratio is 38.90%.

Insider Activity

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred 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 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 filing with the SEC, which can be accessed through the SEC website. Insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Barclays lowered their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research note 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 research report on Thursday, October 31st. UBS Group initiated coverage on Otis Worldwide in a report on Wednesday. They issued a “neutral” rating and a $113.00 price target on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Morgan Stanley started coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price 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.