Axxcess Wealth Management LLC Sells 795 Shares of Otis Worldwide Co. (NYSE:OTIS)

Axxcess Wealth Management LLC reduced its stake in Otis Worldwide Co. (NYSE:OTIS) by 19.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,384 shares of the company’s stock after selling 795 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Otis Worldwide were worth $352,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of OTIS. Riverview Trust Co acquired a new position in Otis Worldwide in the third quarter valued at about $25,000. Meeder Asset Management Inc. increased its holdings in Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after buying an additional 196 shares during the period. Jamison Private Wealth Management Inc. raised its position in shares of 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 buying an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC boosted its position in shares of Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after acquiring an additional 250 shares in the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in Otis Worldwide during the third quarter valued at approximately $28,000. 88.03% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Trading Up 0.7 %

OTIS opened at $100.39 on Thursday. Otis Worldwide Co. has a 12 month low of $82.43 and a 12 month high of $106.33. The business’s 50-day moving average price is $99.99 and its 200-day moving average price is $97.19. The company has a market cap of $40.10 billion, a P/E ratio of 25.03 and a beta of 1.04.

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

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.55%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several recent analyst reports. Morgan Stanley started coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target on the stock. UBS Group initiated coverage on shares of Otis Worldwide in a research report on Wednesday. They set a “neutral” rating and a $113.00 price objective for the company. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Wells Fargo & Company dropped their price target 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. Finally, Barclays reduced their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently 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.