SeaCrest Wealth Management LLC Decreases Stake in Otis Worldwide Co. (NYSE:OTIS)

SeaCrest Wealth Management LLC lessened its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,002 shares of the company’s stock after selling 150 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in Otis Worldwide were worth $208,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA raised its stake in Otis Worldwide by 12.4% during 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 purchasing an additional 907,972 shares in the last quarter. PineStone Asset Management Inc. raised its position in shares of Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after buying an additional 2,590,780 shares in the last quarter. Sarasin & Partners LLP lifted its holdings in shares of Otis Worldwide by 27.2% in the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after acquiring an additional 883,659 shares during the last quarter. Legal & General Group Plc grew its position in Otis Worldwide by 0.4% in the second quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock worth $352,351,000 after acquiring an additional 15,021 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Otis Worldwide by 4.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company’s stock worth $316,782,000 after acquiring an additional 126,684 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

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

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $106.01 on Friday. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $106.33. The company has a market capitalization of $42.46 billion, a PE ratio of 29.61 and a beta of 1.03. The company has a 50 day moving average price of $97.42 and a 200-day moving average price of $96.63.

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

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is 43.58%.

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.