Truvestments Capital LLC Buys Shares of 350 Otis Worldwide Co. (NYSE:OTIS)

Truvestments Capital LLC acquired a new position in shares of Otis Worldwide Co. (NYSE:OTIS) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 350 shares of the company’s stock, valued at approximately $36,000.

A number of other hedge funds have also recently bought and sold shares of the company. Riverview Trust Co acquired a new stake in Otis Worldwide during the third quarter worth about $25,000. Meeder Asset Management Inc. increased its position in Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after purchasing an additional 196 shares in the last quarter. Northwest Investment Counselors LLC purchased a new position in Otis Worldwide in the third quarter valued at approximately $28,000. Ashton Thomas Securities LLC acquired a new position in Otis Worldwide during the third quarter valued at approximately $29,000. Finally, Cranbrook Wealth Management LLC grew its stake 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 buying an additional 250 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction that occurred 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 directly owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.23% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Morgan Stanley initiated coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Wells Fargo & Company dropped 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. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Barclays dropped their price objective on shares of 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. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $104.57.

Otis Worldwide Trading Up 0.5 %

Shares of NYSE:OTIS opened at $102.52 on Thursday. Otis Worldwide Co. has a 12-month low of $83.99 and a 12-month high of $106.33. The firm has a market cap of $40.95 billion, a PE ratio of 25.57 and a beta of 1.04. The company has a fifty day simple moving average of $101.63 and a 200 day simple moving average of $97.73.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results 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 firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter last year, the business posted $0.95 earnings per share. The firm’s revenue for the quarter was up .7% on a year-over-year basis. As a group, equities research analysts forecast that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Otis Worldwide 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.