Sawgrass Asset Management LLC Raises Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Sawgrass Asset Management LLC boosted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 40.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 86,505 shares of the company’s stock after purchasing an additional 25,112 shares during the quarter. Sawgrass Asset Management LLC’s holdings in Otis Worldwide were worth $8,991,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in OTIS. Kingsview Wealth Management LLC raised its holdings in Otis Worldwide by 8.1% in the first quarter. Kingsview Wealth Management LLC now owns 6,099 shares of the company’s stock valued at $605,000 after acquiring an additional 455 shares in the last quarter. Nicolet Advisory Services LLC acquired a new stake in shares of Otis Worldwide in the 1st quarter valued at about $209,000. Intech Investment Management LLC raised its stake in shares of Otis Worldwide by 13.7% in the 1st quarter. Intech Investment Management LLC now owns 39,215 shares of the company’s stock valued at $3,893,000 after purchasing an additional 4,720 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of Otis Worldwide by 322.0% during the first quarter. Acadian Asset Management LLC now owns 6,798 shares of the company’s stock worth $673,000 after purchasing an additional 5,187 shares during the last quarter. Finally, Bahl & Gaynor Inc. grew its stake in Otis Worldwide by 5.4% in the first quarter. Bahl & Gaynor Inc. now owns 402,590 shares of the company’s stock worth $39,965,000 after purchasing an additional 20,554 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction that occurred 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. This represents a 47.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on OTIS. Morgan Stanley started 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. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Barclays decreased 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. UBS Group initiated coverage on shares of Otis Worldwide in a research report on Wednesday. They issued a “neutral” rating and a $113.00 price target on the stock. Finally, Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $104.57.

Otis Worldwide Stock Down 0.2 %

OTIS stock opened at $99.10 on Friday. The stock has a market cap of $39.59 billion, a PE ratio of 24.71 and a beta of 1.04. The firm’s 50-day simple moving average is $100.41 and its 200 day simple moving average is $97.31. Otis Worldwide Co. has a fifty-two week low of $83.21 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 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 revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.95 EPS. Equities analysts forecast that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.57%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

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.