Morse Asset Management Inc Invests $130,000 in Otis Worldwide Co. (NYSE:OTIS)

Morse Asset Management Inc bought a new stake in Otis Worldwide Co. (NYSE:OTIS) during the third quarter, according to its most recent disclosure with the SEC. The firm bought 1,250 shares of the company’s stock, valued at approximately $130,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Appian Way Asset Management LP purchased a new stake in Otis Worldwide in the 2nd quarter valued at $991,000. Daiwa Securities Group Inc. boosted its stake in shares of Otis Worldwide by 11.1% during the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after buying an additional 4,918 shares during the period. Blair William & Co. IL grew its holdings in shares of Otis Worldwide by 64.7% during the second quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock worth $2,363,000 after buying an additional 9,643 shares during the last quarter. Public Sector Pension Investment Board lifted its position 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 worth $19,143,000 after acquiring an additional 6,259 shares during the period. Finally, Handelsbanken Fonder AB grew its stake in shares of Otis Worldwide by 6.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 228,821 shares of the company’s stock valued at $23,784,000 after purchasing an additional 13,602 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction 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 transaction, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Trading Down 1.1 %

NYSE:OTIS opened at $98.96 on Thursday. The company has a market capitalization of $39.53 billion, a P/E ratio of 24.68 and a beta of 1.04. The firm has a 50-day moving average price of $101.66 and a two-hundred day moving average price of $97.97. Otis Worldwide Co. has a twelve month low of $85.42 and a twelve month high of $106.33.

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

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.58%. Otis Worldwide’s dividend payout ratio (DPR) is 38.90%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on OTIS. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. UBS Group initiated coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. Morgan Stanley assumed coverage on Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Finally, Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $104.57.

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.