Quest Partners LLC Reduces Stake in Otis Worldwide Co. (NYSE:OTIS)

Quest Partners LLC lessened its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 46.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,187 shares of the company’s stock after selling 5,384 shares during the quarter. Quest Partners LLC’s holdings in Otis Worldwide were worth $643,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Appian Way Asset Management LP bought a new position in shares of Otis Worldwide in the 2nd quarter worth approximately $991,000. Cetera Investment Advisers raised its position in Otis Worldwide by 259.1% in the first quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock worth $4,603,000 after acquiring an additional 33,457 shares during the period. Blair William & Co. IL boosted its stake in shares of Otis Worldwide by 64.7% during the 2nd quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock worth $2,363,000 after acquiring an additional 9,643 shares during the last quarter. Public Sector Pension Investment Board grew its position in shares of Otis Worldwide by 3.2% during the 2nd quarter. Public Sector Pension Investment Board now owns 198,871 shares of the company’s stock valued at $19,143,000 after acquiring an additional 6,259 shares during the period. Finally, Tidal Investments LLC increased its stake in shares of Otis Worldwide by 49.5% in the 1st quarter. Tidal Investments LLC now owns 25,252 shares of the company’s stock worth $2,509,000 after purchasing an additional 8,356 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

OTIS opened at $101.20 on Friday. The stock has a market capitalization of $40.43 billion, a price-to-earnings ratio of 25.24 and a beta of 1.04. The company has a fifty day moving average of $101.19 and a 200 day moving average of $97.57. Otis Worldwide Co. has a fifty-two week low of $83.99 and a fifty-two week high of $106.33.

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

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.54%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on OTIS. Barclays lowered their target price on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Wells Fargo & Company cut their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Royal Bank of Canada restated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. 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 target for the company. Finally, UBS Group started coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $104.57.

Insider Activity

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

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.