Spinnaker Trust Sells 380 Shares of Otis Worldwide Co. (NYSE:OTIS)

Spinnaker Trust cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 13.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 2,390 shares of the company’s stock after selling 380 shares during the period. Spinnaker Trust’s holdings in Otis Worldwide were worth $248,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in OTIS. First Eagle Investment Management LLC boosted 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 valued at $1,990,000 after buying an additional 12,722 shares in the last quarter. Appian Way Asset Management LP bought a new position in shares of Otis Worldwide in the 2nd quarter valued at $991,000. Cetera Investment Advisers boosted its holdings in shares of Otis Worldwide by 259.1% during the 1st 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 in the last quarter. SG Americas Securities LLC grew its position in Otis Worldwide by 37.5% during the 1st quarter. SG Americas Securities LLC now owns 159,478 shares of the company’s stock worth $15,831,000 after acquiring an additional 43,485 shares during the last quarter. Finally, Natixis acquired a new position in Otis Worldwide in the 1st quarter worth about $3,722,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OTIS has been the subject of several recent research reports. Barclays lowered their price objective on 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. Wells Fargo & Company reduced 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. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. 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. Finally, Morgan Stanley began coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $102.00.

Otis Worldwide Stock Performance

Shares of OTIS opened at $100.56 on Thursday. Otis Worldwide Co. has a fifty-two week low of $79.54 and a fifty-two week high of $106.33. The business has a 50-day moving average of $99.37 and a 200 day moving average of $96.98. The firm has a market cap of $40.17 billion, a P/E ratio of 25.08 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the prior year, the company earned $0.95 EPS. The company’s revenue was up .7% on a year-over-year basis. As a group, research analysts predict that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced 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 yield of 1.55%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s payout ratio is 38.90%.

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.