Chartwell Investment Partners LLC Increases Stake in Otis Worldwide Co. (NYSE:OTIS)

Chartwell Investment Partners LLC boosted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.7% in the 3rd quarter, Holdings Channel reports. The fund owned 70,576 shares of the company’s stock after buying an additional 4,417 shares during the period. Chartwell Investment Partners LLC’s holdings in Otis Worldwide were worth $7,336,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Envestnet Portfolio Solutions Inc. grew its holdings in Otis Worldwide by 21.9% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 22,833 shares of the company’s stock valued at $2,267,000 after purchasing an additional 4,104 shares during the period. Empowered Funds LLC grew its holdings in Otis Worldwide by 43.6% in the first quarter. Empowered Funds LLC now owns 6,205 shares of the company’s stock valued at $616,000 after purchasing an additional 1,884 shares during the period. NorthRock Partners LLC acquired a new stake in Otis Worldwide in the first quarter valued at approximately $239,000. Meeder Advisory Services Inc. grew its holdings in Otis Worldwide by 8.3% in the first quarter. Meeder Advisory Services Inc. now owns 5,458 shares of the company’s stock valued at $542,000 after purchasing an additional 417 shares during the period. Finally, QRG Capital Management Inc. grew its holdings in Otis Worldwide by 3.7% in the first quarter. QRG Capital Management Inc. now owns 39,156 shares of the company’s stock valued at $3,887,000 after purchasing an additional 1,393 shares during the period. 88.03% of the stock is currently owned by hedge funds and other 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 stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares in the company, valued at $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 Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $101.52 on Tuesday. Otis Worldwide Co. has a one year low of $81.21 and a one year high of $106.33. The company has a market cap of $40.55 billion, a price-to-earnings ratio of 25.32 and a beta of 1.04. The business’s 50 day moving average price is $99.90 and its 200 day moving average price is $97.14.

Otis Worldwide (NYSE:OTIS) last announced 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 negative return on equity of 31.28% and a net margin of 11.48%. The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the previous year, the business posted $0.95 EPS. The business’s quarterly revenue was up .7% compared to the same quarter last year. On average, analysts predict that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors 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 1.54%. Otis Worldwide’s payout ratio is 38.90%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several research analyst reports. Morgan Stanley initiated coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Barclays lowered their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Finally, Wells Fargo & Company lowered their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $102.00.

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.