Seascape Capital Management Sells 482 Shares of Otis Worldwide Co. (NYSE:OTIS)

Seascape Capital Management decreased its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.4% during the third quarter, Holdings Channel.com reports. The fund owned 33,859 shares of the company’s stock after selling 482 shares during the quarter. Otis Worldwide accounts for 1.3% of Seascape Capital Management’s investment portfolio, making the stock its 29th largest holding. Seascape Capital Management’s holdings in Otis Worldwide were worth $3,519,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Otis Worldwide by 21.9% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 22,833 shares of the company’s stock worth $2,267,000 after acquiring an additional 4,104 shares during the period. Empowered Funds LLC lifted its holdings in Otis Worldwide by 43.6% in the 1st quarter. Empowered Funds LLC now owns 6,205 shares of the company’s stock worth $616,000 after purchasing an additional 1,884 shares in the last quarter. Forsta AP Fonden boosted its stake in Otis Worldwide by 30.0% in the 1st quarter. Forsta AP Fonden now owns 131,300 shares of the company’s stock worth $13,034,000 after purchasing an additional 30,300 shares during the period. NorthRock Partners LLC purchased a new stake in Otis Worldwide during the 1st quarter valued at approximately $239,000. Finally, Meeder Advisory Services Inc. raised its position in shares of Otis Worldwide by 8.3% during the first quarter. Meeder Advisory Services Inc. now owns 5,458 shares of the company’s stock valued at $542,000 after buying an additional 417 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $100.05 on Friday. Otis Worldwide Co. has a 1-year low of $80.49 and a 1-year high of $106.33. The business’s 50 day moving average is $99.65 and its two-hundred day moving average is $97.03. The stock has a market capitalization of $39.97 billion, a P/E ratio of 24.95 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last released its 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). The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.95 EPS. As a group, equities research analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.56%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Analyst Ratings Changes

OTIS has been the subject of a number of research reports. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Barclays dropped their price objective on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Morgan Stanley assumed coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Wells Fargo & Company dropped their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide has an average rating of “Hold” and a consensus target price of $102.00.

Insider Transactions at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.23% of the company’s stock.

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.