Dynamic Advisor Solutions LLC Sells 277 Shares of Otis Worldwide Co. (NYSE:OTIS)

Dynamic Advisor Solutions LLC trimmed its position in Otis Worldwide Co. (NYSE:OTIS) by 8.3% in the third quarter, HoldingsChannel reports. The firm owned 3,050 shares of the company’s stock after selling 277 shares during the quarter. Dynamic Advisor Solutions LLC’s holdings in Otis Worldwide were worth $317,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Hancock Whitney Corp grew its holdings in shares of Otis Worldwide by 4.6% in the first quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock valued at $253,000 after acquiring an additional 111 shares in the last quarter. Bleakley Financial Group LLC grew its stake in Otis Worldwide by 1.2% in the 1st quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock valued at $965,000 after purchasing an additional 117 shares during the period. Massmutual Trust Co. FSB ADV increased its position in shares of Otis Worldwide by 7.1% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 1,867 shares of the company’s stock valued at $185,000 after purchasing an additional 124 shares during the last quarter. Brighton Jones LLC boosted its holdings in shares of Otis Worldwide by 5.0% in the 2nd quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock worth $248,000 after buying an additional 124 shares during the last quarter. Finally, Park Avenue Securities LLC grew its position in Otis Worldwide by 0.9% during the second quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock valued at $1,437,000 after buying an additional 127 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

OTIS opened at $104.03 on Friday. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $105.39. The firm has a market capitalization of $41.67 billion, a P/E ratio of 29.06 and a beta of 1.03. The company has a fifty day moving average price of $96.21 and a 200-day moving average price of $96.40.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same period in the prior year, the company earned $0.92 EPS. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s payout ratio is 43.58%.

Analysts Set New Price Targets

A number of research firms have weighed in on OTIS. Wells Fargo & Company boosted their target price on shares of Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Morgan Stanley assumed coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Barclays boosted their price objective on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $102.71.

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.