Kingsview Wealth Management LLC Has $738,000 Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Kingsview Wealth Management LLC increased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 13.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,102 shares of the company’s stock after purchasing an additional 820 shares during the period. Kingsview Wealth Management LLC’s holdings in Otis Worldwide were worth $738,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Cerity Partners LLC grew its position in shares of Otis Worldwide by 41.7% during the 3rd quarter. Cerity Partners LLC now owns 48,773 shares of the company’s stock worth $5,070,000 after buying an additional 14,348 shares during the period. Pacer Advisors Inc. grew its holdings in Otis Worldwide by 31.6% in the third quarter. Pacer Advisors Inc. now owns 71,444 shares of the company’s stock worth $7,426,000 after purchasing an additional 17,175 shares during the period. Landscape Capital Management L.L.C. bought a new stake in Otis Worldwide in the third quarter valued at $676,000. Advisors Asset Management Inc. raised its holdings in shares of Otis Worldwide by 3.6% during the third quarter. Advisors Asset Management Inc. now owns 9,173 shares of the company’s stock valued at $953,000 after purchasing an additional 318 shares during the period. Finally, Prospera Private Wealth LLC bought a new position in shares of Otis Worldwide during the 3rd quarter worth about $297,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Up 0.5 %

Shares of NYSE:OTIS opened at $102.52 on Thursday. The stock has a market cap of $40.95 billion, a PE ratio of 25.57 and a beta of 1.04. The stock’s fifty day simple moving average is $101.63 and its two-hundred day simple moving average is $97.73. Otis Worldwide Co. has a 1-year low of $83.99 and a 1-year high of $106.33.

Otis Worldwide (NYSE:OTIS) last released its quarterly 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). The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.95 earnings per share. On average, sell-side analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors 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 1.52%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Analyst Ratings Changes

A number of brokerages recently commented on OTIS. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Morgan Stanley started coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Wells Fargo & Company cut their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Barclays decreased their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Finally, Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $104.57.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide 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 owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.23% of the company’s stock.

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.