Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Caprock Group LLC

Caprock Group LLC lowered its position in Otis Worldwide Co. (NYSE:OTIS) by 19.3% during the third quarter, HoldingsChannel.com reports. The fund owned 4,661 shares of the company’s stock after selling 1,118 shares during the quarter. Caprock Group LLC’s holdings in Otis Worldwide were worth $484,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Appian Way Asset Management LP acquired a new position in Otis Worldwide during the second quarter worth about $991,000. Cetera Investment Advisers raised its position in shares of Otis Worldwide by 259.1% during the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock worth $4,603,000 after purchasing an additional 33,457 shares during the last quarter. Blair William & Co. IL lifted its stake in Otis Worldwide by 64.7% in the 2nd quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock valued at $2,363,000 after buying an additional 9,643 shares in the last quarter. Public Sector Pension Investment Board grew its holdings in Otis Worldwide by 3.2% during the 2nd quarter. Public Sector Pension Investment Board now owns 198,871 shares of the company’s stock valued at $19,143,000 after buying an additional 6,259 shares during the last quarter. Finally, Tidal Investments LLC increased its position in Otis Worldwide by 49.5% during the first quarter. Tidal Investments LLC now owns 25,252 shares of the company’s stock worth $2,509,000 after buying an additional 8,356 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on OTIS. Morgan Stanley assumed coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective on the stock. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Finally, Barclays cut their price target 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. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $104.57.

Otis Worldwide Stock Up 1.3 %

OTIS stock opened at $101.20 on Friday. The company has a market cap of $40.43 billion, a price-to-earnings ratio of 25.24 and a beta of 1.04. The business has a fifty day simple moving average of $101.19 and a 200-day simple moving average of $97.57. Otis Worldwide Co. has a 52 week low of $83.99 and a 52 week high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm 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 revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.95 earnings per share. As a group, analysts expect that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value 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 trade represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.23% of the stock is owned by insiders.

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.