Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Wilmington Savings Fund Society FSB

Wilmington Savings Fund Society FSB boosted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 297.9% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 13,329 shares of the company’s stock after purchasing an additional 9,979 shares during the quarter. Wilmington Savings Fund Society FSB’s holdings in Otis Worldwide were worth $1,385,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Van ECK Associates Corp lifted its holdings in Otis Worldwide by 3,673.6% in the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock valued at $232,662,000 after acquiring an additional 2,201,988 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in 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 valued at $793,945,000 after purchasing an additional 907,972 shares during the period. Brown Brothers Harriman & Co. lifted its stake in shares of Otis Worldwide by 2,782.3% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock valued at $78,469,000 after purchasing an additional 786,897 shares during the last quarter. National Bank of Canada FI grew its holdings in shares of Otis Worldwide by 274.2% during the 3rd quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock worth $74,250,000 after purchasing an additional 523,518 shares during the period. Finally, Wellington Management Group LLP increased its position in shares of Otis Worldwide by 11.9% during the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock worth $382,546,000 after purchasing an additional 391,206 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of recent analyst reports. Barclays cut shares of Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 target price on the stock. in a research report on Thursday, December 5th. UBS Group began coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Morgan Stanley started coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research report on Thursday. Finally, 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 research note on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $104.50.

Otis Worldwide Price Performance

OTIS opened at $97.79 on Friday. The business has a fifty day moving average price of $101.40 and a 200 day moving average price of $98.00. Otis Worldwide Co. has a 12 month low of $85.42 and a 12 month high of $106.33. The stock has a market capitalization of $39.06 billion, a price-to-earnings ratio of 24.39 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS 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 analyst estimates of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.95 earnings per share. On average, research analysts anticipate that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a dividend of $0.39 per share. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.60%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Insider Buying and Selling

In related news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.23% of the company’s stock.

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.