CreativeOne Wealth LLC Takes $230,000 Position in Otis Worldwide Co. (NYSE:OTIS)

CreativeOne Wealth LLC bought a new stake in Otis Worldwide Co. (NYSE:OTIS) during the third quarter, HoldingsChannel.com reports. The institutional investor bought 2,210 shares of the company’s stock, valued at approximately $230,000.

Other institutional investors have also modified their holdings of the company. Riverview Trust Co acquired a new position in shares of Otis Worldwide in the third quarter valued at approximately $25,000. Meeder Asset Management Inc. grew its holdings in Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after acquiring an additional 196 shares during the period. Jamison Private Wealth Management Inc. grew its holdings in Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after acquiring an additional 286 shares during the period. Cranbrook Wealth Management LLC grew its holdings in Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after acquiring an additional 250 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new position in Otis Worldwide during the third quarter worth $28,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Activity

In related news, EVP Abbe Luersman sold 9,000 shares of the 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 transaction, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. UBS Group assumed coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Barclays dropped their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Wells Fargo & Company dropped their price objective 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. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Morgan Stanley started coverage on Otis Worldwide in a research 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 issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $104.57.

Otis Worldwide Stock Down 0.7 %

Shares of NYSE:OTIS opened at $101.07 on Wednesday. Otis Worldwide Co. has a 52-week low of $85.42 and a 52-week high of $106.33. The stock’s fifty day simple moving average is $102.01 and its 200-day simple moving average is $97.85. The company has a market capitalization of $40.37 billion, a P/E ratio of 25.20 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data 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 net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the prior year, the company earned $0.95 earnings per share. The firm’s revenue was up .7% compared to the same quarter last year. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be given a $0.39 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.54%. Otis Worldwide’s dividend payout ratio is currently 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.