Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Dover Advisors LLC

Dover Advisors LLC lowered its position in Otis Worldwide Co. (NYSE:OTIS) by 18.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,148 shares of the company’s stock after selling 718 shares during the quarter. Dover Advisors LLC’s holdings in Otis Worldwide were worth $327,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of OTIS. Hancock Whitney Corp lifted its holdings in shares of Otis Worldwide by 4.6% during the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock valued at $253,000 after acquiring an additional 111 shares in the last quarter. Bleakley Financial Group LLC boosted its position in shares of Otis Worldwide by 1.2% in the first quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock worth $965,000 after buying an additional 117 shares during the period. Massmutual Trust Co. FSB ADV grew its stake in shares of Otis Worldwide by 7.1% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,867 shares of the company’s stock valued at $185,000 after buying an additional 124 shares in the last quarter. Brighton Jones LLC raised its holdings in shares of Otis Worldwide by 5.0% during the 2nd quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock valued at $248,000 after buying an additional 124 shares during the period. Finally, 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 worth $1,437,000 after acquiring an additional 127 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. 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 target price on the stock. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Barclays upped their price objective on shares of Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company lifted their target price on Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average target price of $102.71.

Otis Worldwide Trading Down 0.8 %

OTIS traded down $0.84 on Tuesday, reaching $104.48. The company had a trading volume of 2,317,811 shares, compared to its average volume of 2,124,678. The company has a market capitalization of $42.24 billion, a P/E ratio of 30.20 and a beta of 1.03. The company has a fifty day moving average of $96.67 and a 200-day moving average of $96.46. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $106.10.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. During the same period last year, the firm posted $0.92 earnings per share. The business’s revenue was down 3.2% on a year-over-year basis. Research analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s payout ratio is 45.09%.

Otis Worldwide Company 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.