Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Fisher Asset Management LLC

Fisher Asset Management LLC reduced its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 16.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 923,238 shares of the company’s stock after selling 176,261 shares during the period. Fisher Asset Management LLC owned approximately 0.23% of Otis Worldwide worth $95,961,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Advisors Asset Management Inc. increased its holdings in Otis Worldwide by 31.6% in the first quarter. Advisors Asset Management Inc. now owns 8,048 shares of the company’s stock valued at $799,000 after buying an additional 1,934 shares in the last quarter. Silvercrest Asset Management Group LLC increased its stake in Otis Worldwide by 2.2% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 25,076 shares of the company’s stock valued at $2,489,000 after purchasing an additional 537 shares in the last quarter. Janus Henderson Group PLC increased its stake in Otis Worldwide by 4.2% in the 1st quarter. Janus Henderson Group PLC now owns 89,135 shares of the company’s stock valued at $8,848,000 after purchasing an additional 3,590 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in Otis Worldwide by 15.3% during the first quarter. B. Riley Wealth Advisors Inc. now owns 8,045 shares of the company’s stock worth $799,000 after purchasing an additional 1,068 shares during the last quarter. Finally, California State Teachers Retirement System boosted its position in Otis Worldwide by 0.7% during the first quarter. California State Teachers Retirement System now owns 651,523 shares of the company’s stock worth $64,677,000 after purchasing an additional 4,472 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Up 1.3 %

OTIS stock opened at $102.49 on Tuesday. The stock has a market capitalization of $40.94 billion, a price-to-earnings ratio of 25.56 and a beta of 1.04. Otis Worldwide Co. has a 52-week low of $83.99 and a 52-week high of $106.33. The stock’s fifty day simple moving average is $101.34 and its 200-day simple moving average is $97.66.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same period in the previous year, the business posted $0.95 earnings per share. The firm’s quarterly revenue was up .7% on a year-over-year basis. As a group, analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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 dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.23% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on OTIS shares. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. UBS Group started coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Morgan Stanley initiated coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Wells Fargo & Company lowered their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Finally, Barclays cut their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $104.57.

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.