Oppenheimer & Co. Inc. Sells 380 Shares of Otis Worldwide Co. (NYSE:OTIS)

Oppenheimer & Co. Inc. cut its holdings in Otis Worldwide Co. (NYSE:OTIS) by 3.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 9,363 shares of the company’s stock after selling 380 shares during the period. Oppenheimer & Co. Inc.’s holdings in Otis Worldwide were worth $973,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OTIS. Riverview Trust Co acquired a new position in shares of Otis Worldwide during the third quarter valued at about $25,000. Meeder Asset Management Inc. boosted its holdings in Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after acquiring an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. boosted its holdings in Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after acquiring an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC grew its stake in Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after acquiring an additional 250 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Otis Worldwide during the third quarter worth approximately $28,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $100.28 on Wednesday. Otis Worldwide Co. has a 52 week low of $83.66 and a 52 week high of $106.33. The firm’s 50-day simple moving average is $100.76 and its two-hundred day simple moving average is $97.48. The firm has a market cap of $40.06 billion, a price-to-earnings ratio of 25.01 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The business had revenue of $3.55 billion for 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%. Otis Worldwide’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the company earned $0.95 earnings per share. Analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be issued 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 1.56%. Otis Worldwide’s payout ratio is 38.90%.

Insiders Place Their Bets

In other news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were 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 trade represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Barclays reduced their price objective on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Morgan Stanley assumed coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $104.57.

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.