Sumitomo Mitsui Trust Group Inc. Sells 2,582 Shares of Otis Worldwide Co. (NYSE:OTIS)

Sumitomo Mitsui Trust Group Inc. trimmed its position in Otis Worldwide Co. (NYSE:OTIS) by 0.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 928,871 shares of the company’s stock after selling 2,582 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.23% of Otis Worldwide worth $96,547,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Harbour Investments Inc. boosted its position in Otis Worldwide by 11.4% in the third quarter. Harbour Investments Inc. now owns 2,174 shares of the company’s stock valued at $226,000 after buying an additional 222 shares in the last quarter. Chartwell Investment Partners LLC boosted its position in Otis Worldwide by 6.7% in the third quarter. Chartwell Investment Partners LLC now owns 70,576 shares of the company’s stock valued at $7,336,000 after buying an additional 4,417 shares in the last quarter. Ashton Thomas Securities LLC acquired a new stake in Otis Worldwide in the third quarter valued at approximately $29,000. State of New Jersey Common Pension Fund D boosted its position in Otis Worldwide by 3.4% in the third quarter. State of New Jersey Common Pension Fund D now owns 138,102 shares of the company’s stock valued at $14,354,000 after buying an additional 4,492 shares in the last quarter. Finally, Mitchell Mcleod Pugh & Williams Inc. boosted its position in Otis Worldwide by 10.7% in the third quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 3,109 shares of the company’s stock valued at $323,000 after buying an additional 300 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The shares were 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 of the company’s stock, valued at approximately $1,009,391.84. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Up 0.7 %

OTIS stock opened at $100.39 on Thursday. The firm has a market cap of $40.10 billion, a price-to-earnings ratio of 25.03 and a beta of 1.04. Otis Worldwide Co. has a 12-month low of $82.43 and a 12-month high of $106.33. The company’s fifty day simple moving average is $99.99 and its 200 day simple moving average is $97.19.

Otis Worldwide (NYSE:OTIS) last released 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). The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.95 EPS. Research analysts expect that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

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 annualized dividend and a yield of 1.55%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on OTIS. Morgan Stanley began coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Barclays cut their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. UBS Group initiated coverage on shares of Otis Worldwide in a report on Wednesday. They set a “neutral” rating and a $113.00 price target on the stock. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $104.57.

About Otis Worldwide

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.