Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans raised its holdings in Otis Worldwide Co. (NYSE:OTIS) by 8.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 36,612 shares of the company’s stock after purchasing an additional 2,825 shares during the period. Thrivent Financial for Lutherans’ holdings in Otis Worldwide were worth $3,805,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in OTIS. Sawgrass Asset Management LLC grew its stake in Otis Worldwide by 40.9% in the 3rd quarter. Sawgrass Asset Management LLC now owns 86,505 shares of the company’s stock valued at $8,991,000 after acquiring an additional 25,112 shares during the period. Ipswich Investment Management Co. Inc. increased its stake in shares of Otis Worldwide by 0.8% during the third quarter. Ipswich Investment Management Co. Inc. now owns 59,576 shares of the company’s stock worth $6,192,000 after purchasing an additional 450 shares in the last quarter. Empowered Funds LLC raised its position in shares of Otis Worldwide by 10.1% during the 3rd quarter. Empowered Funds LLC now owns 7,286 shares of the company’s stock worth $757,000 after purchasing an additional 668 shares during the last quarter. Empirical Finance LLC lifted its stake in Otis Worldwide by 2.0% in the 3rd quarter. Empirical Finance LLC now owns 14,216 shares of the company’s stock valued at $1,478,000 after buying an additional 276 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its holdings in Otis Worldwide by 2.6% in the 3rd quarter. CIBC Asset Management Inc now owns 146,877 shares of the company’s stock worth $15,266,000 after buying an additional 3,791 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OTIS has been the topic of several research reports. Wells Fargo & Company decreased their target price on 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. Morgan Stanley initiated coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price 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. UBS Group began coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Finally, Royal Bank of Canada restated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $104.57.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the 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 approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $101.20 on Monday. The stock has a market cap of $40.43 billion, a price-to-earnings ratio of 25.24 and a beta of 1.04. The firm has a 50 day simple moving average of $101.19 and a 200-day simple moving average of $97.61. Otis Worldwide Co. has a 1-year low of $83.99 and a 1-year high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted 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 business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same period last year, the business earned $0.95 EPS. Otis Worldwide’s revenue was up .7% compared to the same quarter last year. Equities analysts expect that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.54%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

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.