Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Ritholtz Wealth Management

Ritholtz Wealth Management reduced its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 17.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,851 shares of the company’s stock after selling 596 shares during the quarter. Ritholtz Wealth Management’s holdings in Otis Worldwide were worth $296,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. lifted its position in shares of Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after acquiring an additional 196 shares in the last quarter. Cranbrook Wealth Management LLC lifted its holdings in Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares in the last quarter. Jamison Private Wealth Management Inc. lifted its holdings in Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares in the last quarter. Hantz Financial Services Inc. purchased a new stake in shares of Otis Worldwide during the second quarter worth about $29,000. Finally, Versant Capital Management Inc raised its position in shares of Otis Worldwide by 125.0% in the second quarter. Versant Capital Management Inc now owns 369 shares of the company’s stock valued at $36,000 after buying an additional 205 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.1 %

OTIS opened at $105.21 on Friday. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $106.33. The company has a 50 day moving average of $97.17 and a two-hundred day moving average of $96.58. The company has a market cap of $42.54 billion, a P/E ratio of 30.41 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm’s revenue was down 3.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.92 EPS. Research analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.48%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of analyst reports. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Barclays lifted their price objective on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company increased their target price on Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Morgan Stanley started coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Eight 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, the stock currently has a consensus rating of “Hold” and a consensus target price of $102.71.

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.