Otis Worldwide Corporation $OTIS Shares Acquired by Ethic Inc.

Ethic Inc. grew its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 37.9% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 58,566 shares of the company’s stock after buying an additional 16,103 shares during the period. Ethic Inc.’s holdings in Otis Worldwide were worth $3,767,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Alps Advisors Inc. grew its position in shares of Otis Worldwide by 20.4% in the 3rd quarter. Alps Advisors Inc. now owns 43,035 shares of the company’s stock worth $2,768,000 after buying an additional 7,277 shares during the period. International Assets Investment Management LLC increased its stake in shares of Otis Worldwide by 204.8% in the 3rd quarter. International Assets Investment Management LLC now owns 5,974 shares of the company’s stock worth $385,000 after acquiring an additional 4,014 shares in the last quarter. Calamos Advisors LLC lifted its position in Otis Worldwide by 2.0% during the 3rd quarter. Calamos Advisors LLC now owns 64,892 shares of the company’s stock valued at $4,174,000 after acquiring an additional 1,300 shares during the period. Kestra Advisory Services LLC lifted its position in Otis Worldwide by 68.6% during the 3rd quarter. Kestra Advisory Services LLC now owns 53,817 shares of the company’s stock valued at $3,461,000 after acquiring an additional 21,902 shares during the period. Finally, Covestor Ltd lifted its position in Otis Worldwide by 68.4% during the 3rd quarter. Covestor Ltd now owns 1,745 shares of the company’s stock valued at $112,000 after acquiring an additional 709 shares during the period. Institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Sanford C. Bernstein boosted their price objective on shares of Otis Worldwide from $90.00 to $94.00 and gave the stock an “outperform” rating in a research note on Thursday, October 29th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Morgan Stanley set a $75.00 target price on shares of Otis Worldwide in a report on Monday, August 10th. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating for the company in a report on Thursday, October 29th. Finally, Royal Bank Of Canada set a $90.00 price target on Otis Worldwide in a research report on Tuesday, July 28th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $91.20.

Insiders Place Their Bets

In related news, insider Joseph Armas sold 835 shares of the business’s stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $77.74, for a total value of $64,912.90. Following the completion of the transaction, the insider directly owned 2,155 shares in the company, valued at $167,529.70. The trade was a 27.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.14% of the company’s stock.

Otis Worldwide Trading Down 1.0%

NYSE OTIS opened at $78.02 on Wednesday. Otis Worldwide Corporation has a 12 month low of $63.58 and a 12 month high of $94.57. The stock has a market cap of $29.70 billion, a P/E ratio of 19.41, a P/E/G ratio of 2.86 and a beta of 0.87. The stock’s fifty day moving average price is $70.65 and its 200-day moving average price is $76.05.

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. The firm had revenue of $3.91 billion during the quarter, compared to analyst estimates of $3.85 billion. Otis Worldwide had a negative return on equity of 28.45% and a net margin of 10.28%. Otis Worldwide’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.05 EPS. As a group, analysts forecast that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Friday, November 13th. Otis Worldwide’s dividend payout ratio (DPR) is currently 43.78%.

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.