Otis Worldwide Corporation $OTIS Shares Newly Bought by UNIVEST FINANCIAL Corp

UNIVEST FINANCIAL Corp purchased a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 14,087 shares of the company’s stock, valued at approximately $906,000.

A number of other hedge funds have also made changes to their positions in OTIS. Jacobi Capital Management LLC bought a new stake in Otis Worldwide during the third quarter worth approximately $155,000. First Command Advisory Services Inc. grew its holdings in Otis Worldwide by 141.2% during the third quarter. First Command Advisory Services Inc. now owns 2,730 shares of the company’s stock valued at $176,000 after purchasing an additional 1,598 shares during the last quarter. Inspire Trust Co. N.A. bought a new position in shares of Otis Worldwide in the third quarter valued at approximately $4,567,000. Mesirow Financial Investment Management Inc. lifted its stake in shares of Otis Worldwide by 3.5% in the third quarter. Mesirow Financial Investment Management Inc. now owns 4,913 shares of the company’s stock worth $316,000 after buying an additional 167 shares during the last quarter. Finally, DMKC Advisory Services LLC lifted its stake in shares of Otis Worldwide by 17.8% in the third quarter. DMKC Advisory Services LLC now owns 45,207 shares of the company’s stock worth $2,908,000 after buying an additional 6,820 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

NYSE:OTIS opened at $77.12 on Friday. The stock has a market cap of $29.36 billion, a P/E ratio of 19.19, a PEG ratio of 2.81 and a beta of 0.87. Otis Worldwide Corporation has a one year low of $63.58 and a one year high of $94.57. The company has a fifty day moving average price of $70.91 and a 200 day moving average price of $75.91.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.04. Otis Worldwide had a net margin of 10.28% and a negative return on equity of 28.45%. The company had revenue of $3.91 billion for the quarter, compared to analyst estimates of $3.85 billion. During the same period last year, the business posted $1.05 EPS. The business’s quarterly revenue was up 6.1% on a year-over-year basis. As a group, equities research analysts anticipate that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Friday, November 13th. Otis Worldwide’s dividend payout ratio (DPR) is presently 43.78%.

Insiders Place Their Bets

In related news, insider Joseph Armas sold 835 shares of Otis Worldwide stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $77.74, for a total transaction of $64,912.90. Following the sale, the insider directly owned 2,155 shares of the company’s stock, valued at $167,529.70. This trade represents a 27.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several recent analyst reports. Royal Bank Of Canada set a $90.00 price objective on shares of Otis Worldwide in a report on Tuesday, July 28th. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating for the company in a research report on Thursday, October 29th. Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a report on Monday, August 10th. Sanford C. Bernstein raised their price target on Otis Worldwide from $90.00 to $94.00 and gave the company an “outperform” rating in a research report on Thursday, October 29th. Finally, Evercore reiterated an “outperform” rating and issued a $95.00 price objective on shares of Otis Worldwide in a research note on Thursday, July 23rd. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $91.20.

Otis Worldwide Profile

Otis Worldwide designs, manufactures, installs, services, and modernizes elevators, escalators, and moving walkways. Its equipment is used in residential, commercial, infrastructure, and institutional buildings, including offices, hotels, hospitals, and transit systems. The company also provides maintenance, repair, and modernization services for its own equipment and products made by other manufacturers. These services help building owners and operators maintain the safety, reliability, and performance of vertical transportation systems.