Ashton Thomas Securities LLC Acquires New Position in Otis Worldwide Co. (NYSE:OTIS)

Ashton Thomas Securities LLC bought a new position in Otis Worldwide Co. (NYSE:OTIS) in the 3rd quarter, HoldingsChannel reports. The fund bought 281 shares of the company’s stock, valued at approximately $29,000.

A number of other institutional investors have also made changes to their positions in the company. Massachusetts Financial Services Co. MA boosted its position in Otis Worldwide by 12.4% during the 2nd 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 during the period. PineStone Asset Management Inc. boosted its holdings in shares of Otis Worldwide by 138.3% during the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after acquiring an additional 2,590,780 shares during the period. Sarasin & Partners LLP grew its position in shares of Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after acquiring an additional 883,659 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Otis Worldwide by 0.4% in the 2nd 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 during the period. Finally, Dimensional Fund Advisors LP lifted its position in Otis Worldwide by 4.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,523,091 shares of the company’s stock valued at $242,873,000 after purchasing an additional 101,955 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insider Activity

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s 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 sale, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 0.7 %

Shares of Otis Worldwide stock opened at $99.72 on Friday. The business has a fifty day simple moving average of $100.11 and a 200-day simple moving average of $97.21. Otis Worldwide Co. has a fifty-two week low of $83.21 and a fifty-two week high of $106.33. The firm has a market cap of $39.83 billion, a price-to-earnings ratio of 24.87 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 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide’s revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.95 earnings per share. Analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Morgan Stanley started coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Barclays reduced their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. UBS Group initiated coverage on Otis Worldwide in a research note on Wednesday. They issued a “neutral” rating and a $113.00 price target for the company. Finally, Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $104.57.

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.