D.A. Davidson & CO. Buys 681 Shares of Otis Worldwide Co. (NYSE:OTIS)

D.A. Davidson & CO. lifted its position in Otis Worldwide Co. (NYSE:OTIS) by 5.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 13,490 shares of the company’s stock after acquiring an additional 681 shares during the quarter. D.A. Davidson & CO.’s holdings in Otis Worldwide were worth $1,402,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in OTIS. FMR LLC boosted its holdings in Otis Worldwide by 2.9% during the third quarter. FMR LLC now owns 3,536,108 shares of the company’s stock worth $367,543,000 after purchasing an additional 101,278 shares during the last quarter. Bank of Montreal Can lifted its position in shares of Otis Worldwide by 7.5% during the 3rd quarter. Bank of Montreal Can now owns 409,792 shares of the company’s stock worth $42,795,000 after buying an additional 28,436 shares in the last quarter. Private Trust Co. NA boosted its stake in shares of Otis Worldwide by 11.4% in the 3rd quarter. Private Trust Co. NA now owns 14,480 shares of the company’s stock worth $1,505,000 after buying an additional 1,477 shares during the last quarter. Truvestments Capital LLC bought a new position in shares of Otis Worldwide in the third quarter valued at approximately $36,000. Finally, Brown Brothers Harriman & Co. increased its position in shares of Otis Worldwide by 24.9% during the third quarter. Brown Brothers Harriman & Co. now owns 1,018,536 shares of the company’s stock valued at $105,867,000 after acquiring an additional 203,357 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Up 0.4 %

NYSE OTIS opened at $102.98 on Friday. The company’s 50 day moving average is $101.90 and its 200-day moving average is $97.81. The firm has a market cap of $41.14 billion, a P/E ratio of 25.68 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.

Otis Worldwide (NYSE:OTIS) last posted 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). The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company’s revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.95 EPS. Equities analysts expect that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s payout ratio is presently 38.90%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Morgan Stanley started coverage on 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. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. Finally, Wells Fargo & Company lowered 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 report on Thursday, October 31st. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target 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.