Fractal Investments LLC Sells 5,710 Shares of Otis Worldwide Co. (NYSE:OTIS)

Fractal Investments LLC trimmed its holdings in Otis Worldwide Co. (NYSE:OTIS) by 60.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,690 shares of the company’s stock after selling 5,710 shares during the quarter. Fractal Investments LLC’s holdings in Otis Worldwide were worth $384,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. First Eagle Investment Management LLC increased its position in Otis Worldwide by 173.7% in the first quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock worth $1,990,000 after purchasing an additional 12,722 shares during the period. Appian Way Asset Management LP acquired a new position in Otis Worldwide in the second quarter valued at approximately $991,000. Cetera Investment Advisers boosted its stake in Otis Worldwide by 259.1% in the first quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after acquiring an additional 33,457 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Otis Worldwide by 37.5% during the 1st quarter. SG Americas Securities LLC now owns 159,478 shares of the company’s stock valued at $15,831,000 after acquiring an additional 43,485 shares during the last quarter. Finally, Natixis acquired a new position in shares of Otis Worldwide in the 1st quarter valued at $3,722,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on OTIS shares. Morgan Stanley began coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Wells Fargo & Company dropped their price objective 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 reduced their target price 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. Finally, Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $102.00.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $100.16 on Wednesday. The stock has a market cap of $40.12 billion, a P/E ratio of 24.98 and a beta of 1.04. The company has a fifty day moving average price of $99.23 and a two-hundred day moving average price of $96.94. Otis Worldwide Co. has a one year low of $79.44 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter last year, the company posted $0.95 EPS. The firm’s revenue was up .7% on a year-over-year basis. As a group, equities research analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be issued a $0.39 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.56%. Otis Worldwide’s dividend payout ratio is currently 38.90%.

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.