Empowered Funds LLC Increases Position in Otis Worldwide Co. (NYSE:OTIS)

Empowered Funds LLC lifted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 10.1% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,286 shares of the company’s stock after buying an additional 668 shares during the quarter. Empowered Funds LLC’s holdings in Otis Worldwide were worth $757,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

OTIS has been the topic of several recent analyst reports. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Barclays decreased their price objective on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Wells Fargo & Company cut their target price on 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. Finally, UBS Group started coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $104.57.

Insider Transactions at Otis Worldwide

In related 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 transaction of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $101.20 on Friday. The business’s 50-day moving average is $101.19 and its 200 day moving average is $97.59. The firm has a market capitalization of $40.43 billion, a P/E ratio of 25.24 and a beta of 1.04. Otis Worldwide Co. has a 1 year low of $83.99 and a 1 year high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations 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 for the quarter 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. On average, analysts expect that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed 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 of this dividend is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.54%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

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.