Pathstone Holdings LLC Raises Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Pathstone Holdings LLC increased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 47,282 shares of the company’s stock after acquiring an additional 604 shares during the period. Pathstone Holdings LLC’s holdings in Otis Worldwide were worth $4,914,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Riverview Trust Co bought a new stake in shares of Otis Worldwide during the third quarter worth $25,000. Meeder Asset Management Inc. lifted its holdings in Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after buying an additional 196 shares in the last quarter. Northwest Investment Counselors LLC purchased a new stake in Otis Worldwide in the 3rd quarter valued at about $28,000. Ashton Thomas Securities LLC bought a new position in Otis Worldwide in the 3rd quarter worth about $29,000. Finally, Cranbrook Wealth Management LLC increased its position in shares of Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after acquiring an additional 250 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $101.20 on Friday. The company’s 50-day simple moving average is $101.19 and its 200-day simple moving average is $97.57. Otis Worldwide Co. has a fifty-two week low of $83.99 and a fifty-two week high of $106.33. The stock has a market capitalization of $40.43 billion, a P/E ratio of 25.24 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter last year, the business earned $0.95 earnings per share. Otis Worldwide’s revenue was up .7% on a year-over-year basis. On average, research analysts forecast that Otis Worldwide Co. will post 3.85 EPS for the current 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 paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis 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%.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on OTIS. Morgan Stanley assumed coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective on the stock. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Wells Fargo & Company decreased their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Barclays reduced their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $104.57.

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.