Otis Worldwide Co. (NYSE:OTIS) Holdings Reduced by Public Sector Pension Investment Board

Public Sector Pension Investment Board lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 91.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,971 shares of the company’s stock after selling 181,900 shares during the period. Public Sector Pension Investment Board’s holdings in Otis Worldwide were worth $1,764,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Appian Way Asset Management LP bought a new stake in Otis Worldwide during the 2nd quarter valued at $991,000. Cetera Investment Advisers increased its holdings in shares of Otis Worldwide by 259.1% during the first quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after purchasing an additional 33,457 shares during the period. Blair William & Co. IL raised its stake in shares of Otis Worldwide by 64.7% during the second quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock valued at $2,363,000 after purchasing an additional 9,643 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in Otis Worldwide by 11.1% in the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after purchasing an additional 4,918 shares during the period. Finally, Handelsbanken Fonder AB grew its position in Otis Worldwide by 6.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 228,821 shares of the company’s stock valued at $23,784,000 after buying an additional 13,602 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.23% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of research analyst reports. Morgan Stanley began coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. UBS Group initiated coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Barclays downgraded Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price objective on the stock. in a research note on Thursday. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Finally, Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $104.57.

Otis Worldwide Stock Down 2.0 %

NYSE:OTIS opened at $99.12 on Friday. Otis Worldwide Co. has a 1-year low of $85.42 and a 1-year high of $106.33. The stock has a fifty day simple moving average of $102.09 and a 200 day simple moving average of $97.90. The firm has a market capitalization of $39.59 billion, a price-to-earnings ratio of 24.73 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS 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 analysts’ expectations of $3.59 billion. During the same quarter last year, the company posted $0.95 EPS. The firm’s revenue was up .7% compared to the same quarter last year. Equities analysts predict that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders 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 dividend yield of 1.57%. Otis Worldwide’s dividend payout ratio is 38.90%.

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.