Prospera Financial Services Inc Sells 179 Shares of Otis Worldwide Co. (NYSE:OTIS)

Prospera Financial Services Inc lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,472 shares of the company’s stock after selling 179 shares during the quarter. Prospera Financial Services Inc’s holdings in Otis Worldwide were worth $257,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of OTIS. Riverview Trust Co bought a new position in Otis Worldwide in the 3rd quarter worth $25,000. Meeder Asset Management Inc. raised its holdings in Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after acquiring an additional 196 shares during the period. Jamison Private Wealth Management Inc. raised its holdings in Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after acquiring an additional 286 shares during the period. Cranbrook Wealth Management LLC raised its holdings in Otis Worldwide by 675.7% in the 2nd 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. Finally, Northwest Investment Counselors LLC bought a new position in Otis Worldwide in the 3rd quarter worth $28,000. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on OTIS shares. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Barclays dropped their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. UBS Group initiated coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Finally, Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average target price of $104.57.

Insider Buying and Selling at Otis Worldwide

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 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 $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $102.49 on Tuesday. The firm’s 50-day simple moving average is $101.34 and its 200-day simple moving average is $97.66. Otis Worldwide Co. has a twelve month low of $83.99 and a twelve month high of $106.33. The firm has a market cap of $40.94 billion, a P/E ratio of 25.56 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued 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 business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter last year, the firm posted $0.95 earnings per share. Otis Worldwide’s revenue was up .7% on a year-over-year basis. On average, equities analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company 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 dividend on an annualized basis and a yield of 1.52%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

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.