Glenmede Trust Co. NA Trims Holdings in Otis Worldwide Co. (NYSE:OTIS)

Glenmede Trust Co. NA lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.2% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 44,071 shares of the company’s stock after selling 2,933 shares during the period. Glenmede Trust Co. NA’s holdings in Otis Worldwide were worth $4,581,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Cetera Investment Advisers grew its position in Otis Worldwide by 259.1% in the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after acquiring an additional 33,457 shares in the last quarter. Cetera Advisors LLC increased its stake in Otis Worldwide by 41.3% during the 1st quarter. Cetera Advisors LLC now owns 18,463 shares of the company’s stock worth $1,833,000 after buying an additional 5,395 shares during the period. DekaBank Deutsche Girozentrale lifted its holdings in Otis Worldwide by 11.0% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 162,726 shares of the company’s stock worth $16,344,000 after buying an additional 16,181 shares in the last quarter. GAMMA Investing LLC boosted its position in Otis Worldwide by 100.9% in the 2nd quarter. GAMMA Investing LLC now owns 5,415 shares of the company’s stock valued at $521,000 after buying an additional 2,720 shares during the period. Finally, Massmutual Trust Co. FSB ADV grew its stake in shares of Otis Worldwide by 21.9% in the second quarter. Massmutual Trust Co. FSB ADV now owns 2,275 shares of the company’s stock worth $219,000 after acquiring an additional 408 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Buying and Selling

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 sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Trading Up 0.4 %

Shares of NYSE:OTIS opened at $102.98 on Friday. The firm has a 50 day simple moving average of $101.90 and a 200-day simple moving average of $97.81. Otis Worldwide Co. has a twelve month low of $83.99 and a twelve month high of $106.33. The company has a market capitalization of $41.14 billion, a PE ratio of 25.68 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide’s revenue was up .7% on a year-over-year basis. During the same period last year, the firm earned $0.95 earnings per share. As a group, equities research analysts predict 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. Investors of record on Friday, November 15th will be given a $0.39 dividend. 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 1.51%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Wells Fargo & Company decreased their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Royal Bank of Canada restated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Barclays decreased their price target on shares of 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, UBS Group started coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. Eight investment 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 company has a consensus rating of “Hold” and a consensus target price of $104.57.

About Otis Worldwide

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.