Everence Capital Management Inc. Has $1.55 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

Everence Capital Management Inc. lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 18.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 16,780 shares of the company’s stock after selling 3,700 shares during the quarter. Everence Capital Management Inc.’s holdings in Otis Worldwide were worth $1,554,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now directly 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 at this link. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $92.89 on Friday. The company has a market cap of $37.11 billion, a price-to-earnings ratio of 23.16 and a beta of 1.04. The stock’s fifty day moving average price is $98.37 and its two-hundred day moving average price is $97.55. Otis Worldwide Co. has a 52-week low of $85.42 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company’s revenue was up .7% compared to the same quarter last year. During the same period last year, the company earned $0.95 EPS. On average, equities analysts predict that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.68%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s dividend payout ratio is 38.90%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Morgan Stanley started coverage on Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. UBS Group started coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Wells Fargo & Company reduced their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $104.50.

Otis Worldwide 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.