Venturi Wealth Management LLC Has $30,000 Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Venturi Wealth Management LLC lessened its position in Otis Worldwide Co. (NYSE:OTIS) by 59.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 287 shares of the company’s stock after selling 423 shares during the quarter. Venturi Wealth Management LLC’s holdings in Otis Worldwide were worth $30,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of OTIS. PineStone Asset Management Inc. increased its stake in shares of Otis Worldwide by 138.3% in the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after purchasing an additional 2,590,780 shares during the period. Van ECK Associates Corp increased its position in Otis Worldwide by 3,673.6% in the 3rd quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock worth $232,662,000 after buying an additional 2,201,988 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after buying an additional 907,972 shares during the last quarter. Sarasin & Partners LLP boosted its position in shares of Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after acquiring an additional 883,659 shares during the period. Finally, Brown Brothers Harriman & Co. boosted its position in shares of Otis Worldwide by 2,782.3% in the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock valued at $78,469,000 after acquiring an additional 786,897 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated 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 of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.23% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

OTIS has been the subject of several research analyst reports. UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday. They set a “neutral” rating and a $113.00 target price for the company. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Barclays reduced their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Finally, Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and an average target price of $104.57.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $99.10 on Friday. The business’s fifty day moving average price is $100.41 and its two-hundred day moving average price is $97.31. Otis Worldwide Co. has a fifty-two week low of $83.21 and a fifty-two week high of $106.33. The stock has a market capitalization of $39.59 billion, a price-to-earnings ratio of 24.71 and a beta of 1.04.

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). 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 the consensus estimate of $3.59 billion. During the same period in the previous year, the company posted $0.95 EPS. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. Research analysts expect that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Otis Worldwide Company 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.