Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Harbour Investments Inc.

Harbour Investments Inc. raised its position in Otis Worldwide Co. (NYSE:OTIS) by 11.4% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,174 shares of the company’s stock after acquiring an additional 222 shares during the quarter. Harbour Investments Inc.’s holdings in Otis Worldwide were worth $226,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. PineStone Asset Management Inc. lifted its position in shares of Otis Worldwide by 138.3% in 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 in the last quarter. Van ECK Associates Corp raised its stake in Otis Worldwide by 3,673.6% in the 3rd quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock valued at $232,662,000 after purchasing an additional 2,201,988 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Otis Worldwide by 12.4% in 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 in the last quarter. Sarasin & Partners LLP boosted its stake in Otis Worldwide by 27.2% during the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after purchasing an additional 883,659 shares during the last quarter. Finally, Brown Brothers Harriman & Co. boosted its stake in Otis Worldwide by 2,782.3% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after purchasing an additional 786,897 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Down 0.6 %

OTIS stock opened at $99.10 on Monday. Otis Worldwide Co. has a 52-week low of $83.21 and a 52-week high of $106.33. The stock has a market cap of $39.59 billion, a price-to-earnings ratio of 24.71 and a beta of 1.04. The business has a fifty day moving average of $100.41 and a two-hundred day moving average of $97.35.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 earnings per share. As a group, sell-side analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.57%. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Analyst Ratings Changes

A number of brokerages have recently commented on OTIS. Wells Fargo & Company decreased 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 note on Thursday, October 31st. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Morgan Stanley started coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $104.57.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is currently owned by corporate insiders.

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.