Citigroup Inc. Sells 51,148 Shares of Otis Worldwide Co. (NYSE:OTIS)

Citigroup Inc. lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 11.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 409,723 shares of the company’s stock after selling 51,148 shares during the quarter. Citigroup Inc. owned 0.10% of Otis Worldwide worth $42,587,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Pacer Advisors Inc. boosted its holdings in Otis Worldwide by 31.6% during the 3rd quarter. Pacer Advisors Inc. now owns 71,444 shares of the company’s stock valued at $7,426,000 after acquiring an additional 17,175 shares during the period. Landscape Capital Management L.L.C. purchased a new position in Otis Worldwide during the 3rd quarter valued at $676,000. Advisors Asset Management Inc. boosted its holdings in Otis Worldwide by 3.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 9,173 shares of the company’s stock valued at $953,000 after acquiring an additional 318 shares during the period. Prospera Private Wealth LLC purchased a new position in Otis Worldwide during the 3rd quarter valued at $297,000. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Otis Worldwide during the 3rd quarter valued at $23,990,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $101.20 on Monday. The stock has a market capitalization of $40.43 billion, a P/E ratio of 25.24 and a beta of 1.04. Otis Worldwide Co. has a 1-year low of $83.99 and a 1-year high of $106.33. The business has a fifty day moving average price of $101.19 and a 200 day moving average price of $97.61.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter last year, the company earned $0.95 earnings per share. As a group, equities research analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on OTIS shares. Wells Fargo & Company dropped their price objective 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. Morgan Stanley started coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Barclays lowered their target price 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. UBS Group started 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. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Otis Worldwide has a consensus rating of “Hold” and a consensus target price of $104.57.

Insider Buying and Selling

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.23% of the stock is currently owned by company insiders.

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.