ClearAlpha Technologies LP Lowers Holdings in Otis Worldwide Co. (NYSE:OTIS)

ClearAlpha Technologies LP reduced its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 41.9% in the third quarter, HoldingsChannel reports. The institutional investor owned 3,478 shares of the company’s stock after selling 2,509 shares during the period. ClearAlpha Technologies LP’s holdings in Otis Worldwide were worth $362,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Riverview Trust Co purchased a new position in Otis Worldwide during the third quarter valued at $25,000. Meeder Asset Management Inc. lifted its position in shares of Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after buying an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. boosted its stake in Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after buying an additional 286 shares during the last quarter. Cranbrook Wealth Management LLC grew its holdings in Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after buying an additional 250 shares in the last quarter. Finally, Northwest Investment Counselors LLC bought a new stake in Otis Worldwide in the 3rd quarter worth approximately $28,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.4 %

OTIS opened at $102.98 on Monday. The business’s fifty day simple moving average is $101.90 and its 200-day simple moving average is $97.81. The company has a market capitalization of $41.14 billion, a price-to-earnings ratio of 25.68 and a beta of 1.04. Otis Worldwide Co. has a 12-month low of $83.99 and a 12-month high of $106.33.

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

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s payout ratio is currently 38.90%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. UBS Group started coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Barclays lowered 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. Finally, Wells Fargo & Company decreased their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $104.57.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide 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 transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is currently owned by company insiders.

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.