IHT Wealth Management LLC Purchases 935 Shares of Otis Worldwide Co. (NYSE:OTIS)

IHT Wealth Management LLC raised its position in Otis Worldwide Co. (NYSE:OTIS) by 20.6% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 5,464 shares of the company’s stock after acquiring an additional 935 shares during the period. IHT Wealth Management LLC’s holdings in Otis Worldwide were worth $568,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. PineStone Asset Management Inc. increased its position in shares of Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after purchasing an additional 2,590,780 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Otis Worldwide by 3,673.6% during the 3rd quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock worth $232,662,000 after purchasing an additional 2,201,988 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Otis Worldwide by 12.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after purchasing an additional 907,972 shares during the last quarter. Sarasin & Partners LLP increased its position in shares of Otis Worldwide by 27.2% during the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after purchasing an additional 883,659 shares during the last quarter. Finally, Brown Brothers Harriman & Co. increased its position in shares of Otis Worldwide by 2,782.3% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after purchasing an additional 786,897 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several recent analyst reports. Barclays lowered Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price target on the stock. in a research report on Thursday. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. 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. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Wells Fargo & Company decreased 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. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $104.57.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $99.80 on Friday. The stock’s fifty day moving average price is $101.91 and its two-hundred day moving average price is $97.93. Otis Worldwide Co. has a one year low of $85.42 and a one year high of $106.33. The firm has a market cap of $39.87 billion, a price-to-earnings ratio of 24.88 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 EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same period in the prior year, the company earned $0.95 earnings per share. The business’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a dividend of $0.39 per share. The ex-dividend date was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.56%. Otis Worldwide’s payout ratio is 38.90%.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of the company’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 sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.23% of the company’s stock.

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.