Private Trust Co. NA Increases Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Private Trust Co. NA raised its position in Otis Worldwide Co. (NYSE:OTIS) by 11.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,480 shares of the company’s stock after acquiring an additional 1,477 shares during the quarter. Private Trust Co. NA’s holdings in Otis Worldwide were worth $1,505,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of OTIS. Truvestments Capital LLC bought a new position in Otis Worldwide during the 3rd quarter valued at approximately $36,000. Brown Brothers Harriman & Co. increased its stake in shares of Otis Worldwide by 24.9% during the third quarter. Brown Brothers Harriman & Co. now owns 1,018,536 shares of the company’s stock valued at $105,867,000 after buying an additional 203,357 shares during the period. DRW Securities LLC bought a new position in shares of Otis Worldwide during the third quarter valued at approximately $467,000. Daiwa Securities Group Inc. lifted its stake in Otis Worldwide by 11.1% in the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after acquiring an additional 4,918 shares during the period. Finally, Hartford Funds Management Co LLC boosted its holdings in Otis Worldwide by 2.3% in the third quarter. Hartford Funds Management Co LLC now owns 14,815 shares of the company’s stock valued at $1,540,000 after acquiring an additional 330 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is owned by company insiders.

Analysts Set New Price Targets

OTIS has been the subject of several research reports. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Wells Fargo & Company cut 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. Barclays decreased their target price on 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. Finally, UBS Group started coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $104.57.

Otis Worldwide Stock Up 1.3 %

OTIS stock opened at $102.49 on Tuesday. The business has a 50 day moving average of $101.34 and a 200 day moving average of $97.66. Otis Worldwide Co. has a twelve month low of $83.99 and a twelve month high of $106.33. The firm has a market cap of $40.94 billion, a PE ratio of 25.56 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter in the previous year, the business earned $0.95 earnings per share. Otis Worldwide’s revenue was up .7% compared to the same quarter last year. On average, research analysts expect that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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 given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.52%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) 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.