Otis Worldwide Co. (NYSE:OTIS) Shares Sold by OneDigital Investment Advisors LLC

OneDigital Investment Advisors LLC trimmed its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 8.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,215 shares of the company’s stock after selling 1,114 shares during the period. OneDigital Investment Advisors LLC’s holdings in Otis Worldwide were worth $1,270,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Riverview Trust Co purchased a new position in shares of Otis Worldwide during the 3rd quarter worth $25,000. Meeder Asset Management Inc. grew its stake in shares of Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after buying an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. lifted its position in shares of Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after purchasing an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC boosted its position in Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after buying an additional 250 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Otis Worldwide in the 3rd quarter valued at about $28,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $100.77 on Tuesday. The company has a market capitalization of $40.25 billion, a price-to-earnings ratio of 25.13 and a beta of 1.04. Otis Worldwide Co. has a 1-year low of $83.66 and a 1-year high of $106.33. The business has a 50-day moving average of $100.59 and a 200-day moving average of $97.42.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 30th. The company reported $0.96 EPS 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 analyst estimates of $3.59 billion. During the same quarter in the previous year, the business posted $0.95 EPS. Otis Worldwide’s revenue 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.55%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.23% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on OTIS shares. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. UBS Group initiated coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Morgan Stanley started coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Barclays dropped their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Finally, Wells Fargo & Company reduced their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus 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.