Oppenheimer & Co. Inc. Sells 380 Shares of Otis Worldwide Co. (NYSE:OTIS)

Oppenheimer & Co. Inc. trimmed its stake in Otis Worldwide Co. (NYSE:OTIS) by 3.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,363 shares of the company’s stock after selling 380 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Otis Worldwide were worth $973,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in OTIS. Appian Way Asset Management LP acquired a new stake in Otis Worldwide in the 2nd quarter valued at about $991,000. Cetera Investment Advisers boosted its stake in shares of Otis Worldwide by 259.1% during the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock worth $4,603,000 after acquiring an additional 33,457 shares during the period. Natixis acquired a new position in shares of Otis Worldwide during the 1st quarter worth approximately $3,722,000. Blair William & Co. IL raised its stake in Otis Worldwide by 64.7% in the 2nd quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock valued at $2,363,000 after acquiring an additional 9,643 shares during the period. Finally, Public Sector Pension Investment Board lifted its holdings in Otis Worldwide by 3.2% during the 2nd quarter. Public Sector Pension Investment Board now owns 198,871 shares of the company’s stock valued at $19,143,000 after purchasing an additional 6,259 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Down 0.5 %

Shares of NYSE:OTIS opened at $100.28 on Wednesday. The stock has a market capitalization of $40.06 billion, a PE ratio of 25.01 and a beta of 1.04. The firm has a 50 day moving average of $100.76 and a 200-day moving average of $97.48. Otis Worldwide Co. has a 12 month low of $83.66 and a 12 month high of $106.33.

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

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio is 38.90%.

Insider Activity at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.23% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Barclays dropped their price objective on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Morgan Stanley assumed coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Wells Fargo & Company lowered their target price 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. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Finally, UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $104.57.

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.