Lazard Freres Gestion S.A.S. Sells 18,721 Shares of Otis Worldwide Co. (NYSE:OTIS)

Lazard Freres Gestion S.A.S. trimmed its stake in Otis Worldwide Co. (NYSE:OTIS) by 1.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,020,098 shares of the company’s stock after selling 18,721 shares during the quarter. Otis Worldwide accounts for 2.2% of Lazard Freres Gestion S.A.S.’s portfolio, making the stock its 15th biggest holding. Lazard Freres Gestion S.A.S.’s holdings in Otis Worldwide were worth $106,028,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. PineStone Asset Management Inc. increased its holdings in shares of Otis Worldwide by 138.3% in the 2nd 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 in the last quarter. Van ECK Associates Corp increased its holdings 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 in the last quarter. Massachusetts Financial Services Co. MA raised its position in Otis Worldwide by 12.4% in the 2nd 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 lifted its stake in Otis Worldwide by 27.2% during the 2nd 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 holdings in shares of Otis Worldwide by 2,782.3% during the 2nd 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 last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on OTIS shares. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. UBS Group started coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Finally, Wells Fargo & Company dropped their price target on shares of 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 given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $104.57.

Otis Worldwide Stock Up 1.2 %

NYSE OTIS traded up $1.26 on Tuesday, reaching $102.46. The company had a trading volume of 2,312,001 shares, compared to its average volume of 2,112,563. The stock has a market capitalization of $40.93 billion, a PE ratio of 25.56 and a beta of 1.04. Otis Worldwide Co. has a 12 month low of $83.99 and a 12 month high of $106.33. The firm’s 50 day moving average price is $101.34 and its 200 day moving average price is $97.66.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (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 the consensus estimate of $3.59 billion. During the same period last year, the firm posted $0.95 earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. On average, research analysts expect that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Dividend Announcement

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 given 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 1.52%. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Insider Activity

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 owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.23% of the company’s stock.

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.