Axxcess Wealth Management LLC Has $352,000 Position in Otis Worldwide Co. (NYSE:OTIS)

Axxcess Wealth Management LLC lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 19.0% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 3,384 shares of the company’s stock after selling 795 shares during the period. Axxcess Wealth Management LLC’s holdings in Otis Worldwide were worth $352,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Mesirow Financial Investment Management Inc. lifted its stake in shares of Otis Worldwide by 3.7% in the third quarter. Mesirow Financial Investment Management Inc. now owns 6,363 shares of the company’s stock valued at $661,000 after buying an additional 227 shares during the period. Assetmark Inc. lifted its position in shares of Otis Worldwide by 543.2% in the 3rd quarter. Assetmark Inc. now owns 476 shares of the company’s stock worth $49,000 after acquiring an additional 402 shares during the period. Townsend & Associates Inc bought a new stake in shares of Otis Worldwide in the 3rd quarter worth approximately $201,000. Rovin Capital UT ADV acquired a new stake in shares of Otis Worldwide during the 3rd quarter worth approximately $294,000. Finally, Windward Capital Management Co. CA increased its position in shares of Otis Worldwide by 0.4% during the third quarter. Windward Capital Management Co. CA now owns 79,123 shares of the company’s stock valued at $8,224,000 after purchasing an additional 316 shares during the period. Institutional investors own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is owned by insiders.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $100.39 on Thursday. The company has a market capitalization of $40.10 billion, a price-to-earnings ratio of 25.03 and a beta of 1.04. The firm’s 50 day simple moving average is $99.99 and its 200 day simple moving average is $97.19. Otis Worldwide Co. has a fifty-two week low of $82.43 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). The business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business’s revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.95 earnings per share. Equities research analysts expect that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

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 issued 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 1.55%. Otis Worldwide’s payout ratio is presently 38.90%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. UBS Group started coverage on Otis Worldwide in a report on Wednesday. They set a “neutral” rating and a $113.00 price objective for the company. Barclays lowered their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Finally, Morgan Stanley began coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target for the company. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $104.57.

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.