Advisors Asset Management Inc. Boosts Holdings in Otis Worldwide Co. (NYSE:OTIS)

Advisors Asset Management Inc. increased its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 9,173 shares of the company’s stock after buying an additional 318 shares during the quarter. Advisors Asset Management Inc.’s holdings in Otis Worldwide were worth $953,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in OTIS. PineStone Asset Management Inc. raised its position in Otis Worldwide by 138.3% in the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after purchasing an additional 2,590,780 shares during the period. Van ECK Associates Corp raised its holdings in Otis Worldwide by 3,673.6% in the 3rd quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock valued at $232,662,000 after buying an additional 2,201,988 shares during the period. Massachusetts Financial Services Co. MA lifted its position in Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after buying an additional 907,972 shares during the last quarter. Sarasin & Partners LLP boosted its stake in Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after buying an additional 883,659 shares during the period. Finally, Brown Brothers Harriman & Co. boosted its stake in Otis Worldwide by 2,782.3% during the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after buying an additional 786,897 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $101.96 on Wednesday. The stock’s 50-day moving average is $101.46 and its two-hundred day moving average is $97.69. The company has a market cap of $40.73 billion, a price-to-earnings ratio of 25.43 and a beta of 1.04. Otis Worldwide Co. has a 1-year low of $83.99 and a 1-year high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same period last year, the business earned $0.95 EPS. The firm’s revenue was up .7% compared to the same quarter last year. Equities research analysts anticipate 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 paid 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 dividend yield of 1.53%. Otis Worldwide’s payout ratio is currently 38.90%.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Company 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.