KBC Group NV Sells 12,854 Shares of Otis Worldwide Co. (NYSE:OTIS)

KBC Group NV trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 323,890 shares of the company’s stock after selling 12,854 shares during the quarter. KBC Group NV’s holdings in Otis Worldwide were worth $33,666,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in OTIS. Hancock Whitney Corp grew its holdings in Otis Worldwide by 4.6% during the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock worth $253,000 after acquiring an additional 111 shares during the last quarter. Optas LLC lifted its holdings in shares of Otis Worldwide by 2.2% during the third quarter. Optas LLC now owns 5,522 shares of the company’s stock worth $574,000 after purchasing an additional 118 shares during the period. Brighton Jones LLC grew its stake in shares of Otis Worldwide by 5.0% in the second quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock worth $248,000 after purchasing an additional 124 shares during the last quarter. Park Avenue Securities LLC increased its holdings in Otis Worldwide by 0.9% in the second quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock valued at $1,437,000 after purchasing an additional 127 shares during the period. Finally, Clearstead Trust LLC raised its position in Otis Worldwide by 15.3% during the 1st quarter. Clearstead Trust LLC now owns 1,018 shares of the company’s stock worth $101,000 after purchasing an additional 135 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Down 0.7 %

NYSE:OTIS opened at $99.72 on Friday. Otis Worldwide Co. has a twelve month low of $83.21 and a twelve month high of $106.33. The company has a fifty day moving average of $100.26 and a 200-day moving average of $97.23. The firm has a market capitalization of $39.83 billion, a P/E ratio of 24.87 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the previous year, the business posted $0.95 earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. On average, analysts anticipate that Otis Worldwide Co. will post 3.85 EPS 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. Investors of record on Friday, November 15th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the firm’s 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. This trade represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Barclays decreased 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 report on Thursday, October 31st. UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday. They issued a “neutral” rating and a $113.00 price target on the stock. Morgan Stanley initiated coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Finally, 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. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $104.57.

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.