DRW Securities LLC Invests $467,000 in Otis Worldwide Co. (NYSE:OTIS)

DRW Securities LLC purchased a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,492 shares of the company’s stock, valued at approximately $467,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. boosted its stake in Otis Worldwide by 11.1% in the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after acquiring an additional 4,918 shares during the period. Hartford Funds Management Co LLC boosted its position in Otis Worldwide by 2.3% during the 3rd quarter. Hartford Funds Management Co LLC now owns 14,815 shares of the company’s stock valued at $1,540,000 after purchasing an additional 330 shares during the period. Larson Financial Group LLC grew its stake in Otis Worldwide by 53.5% during the 3rd quarter. Larson Financial Group LLC now owns 6,395 shares of the company’s stock worth $665,000 after buying an additional 2,230 shares during the last quarter. Kingsview Wealth Management LLC increased its position in Otis Worldwide by 13.1% in the third quarter. Kingsview Wealth Management LLC now owns 7,102 shares of the company’s stock worth $738,000 after buying an additional 820 shares during the period. Finally, Cerity Partners LLC lifted its stake in Otis Worldwide by 41.7% in the third quarter. Cerity Partners LLC now owns 48,773 shares of the company’s stock valued at $5,070,000 after buying an additional 14,348 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.5 %

Shares of OTIS stock opened at $101.96 on Wednesday. The stock has a 50-day simple moving average of $101.46 and a 200 day simple moving average of $97.69. The stock has a market capitalization of $40.73 billion, a P/E ratio of 25.43 and a beta of 1.04. Otis Worldwide Co. has a fifty-two week low of $83.99 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced 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 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 prior year, the firm earned $0.95 EPS. The business’s revenue for the quarter was up .7% on a year-over-year basis. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

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 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 dividend yield of 1.53%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Insider Transactions at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the 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 completion of the transaction, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of analyst reports. UBS Group assumed coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. 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 for the company. Wells Fargo & Company cut their target price 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. Finally, Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average target price of $104.57.

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.