Optas LLC Purchases 118 Shares of Otis Worldwide Co. (NYSE:OTIS)

Optas LLC increased its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,522 shares of the company’s stock after purchasing an additional 118 shares during the quarter. Optas LLC’s holdings in Otis Worldwide were worth $574,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in OTIS. Hancock Whitney Corp increased its stake in shares of Otis Worldwide by 4.6% in the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock valued at $253,000 after buying an additional 111 shares during the period. Bleakley Financial Group LLC raised its holdings in Otis Worldwide by 1.2% during the 1st quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock worth $965,000 after purchasing an additional 117 shares during the last quarter. Brighton Jones LLC raised its holdings in Otis Worldwide by 5.0% during the 2nd 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 lifted its position in Otis Worldwide by 0.9% during the 2nd 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 boosted its stake in shares of Otis Worldwide by 15.3% in the 1st quarter. Clearstead Trust LLC now owns 1,018 shares of the company’s stock valued at $101,000 after purchasing an additional 135 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Trading Up 1.3 %

Shares of Otis Worldwide stock opened at $99.44 on Friday. The stock’s fifty day simple moving average is $99.11 and its 200 day simple moving average is $96.90. The company has a market capitalization of $39.83 billion, a PE ratio of 24.80 and a beta of 1.04. Otis Worldwide Co. has a 12 month low of $77.51 and a 12 month high of $106.33.

Otis Worldwide (NYSE:OTIS) last released 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 business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same period in the prior year, the business earned $0.95 EPS. The company’s revenue for the quarter was up .7% compared to the same quarter last year. Analysts predict that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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 paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s payout ratio is currently 38.90%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on OTIS shares. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target for the company. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Wells Fargo & Company reduced their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday. Barclays dropped their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a report on Thursday. Finally, Royal Bank of Canada restated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average price target of $102.00.

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.