iSAM Funds UK Ltd Sells 5,024 Shares of Otis Worldwide Co. (NYSE:OTIS)

iSAM Funds UK Ltd trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 50.9% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,843 shares of the company’s stock after selling 5,024 shares during the period. iSAM Funds UK Ltd’s holdings in Otis Worldwide were worth $503,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of OTIS. Riverview Trust Co acquired a new position in shares of Otis Worldwide during the third quarter worth approximately $25,000. Meeder Asset Management Inc. raised its position in shares of Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after purchasing an additional 196 shares during the period. Northwest Investment Counselors LLC acquired a new position in shares of Otis Worldwide during the third quarter worth approximately $28,000. Ashton Thomas Securities LLC acquired a new position in shares of Otis Worldwide during the third quarter worth approximately $29,000. Finally, Cranbrook Wealth Management LLC raised its position in shares of Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after purchasing an additional 250 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Insider Activity

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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of research reports. UBS Group initiated coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Barclays lowered Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 target price on the stock. in a research report on Thursday. 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 report on Thursday, October 31st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $104.57.

Otis Worldwide Trading Up 0.7 %

NYSE OTIS opened at $99.80 on Friday. The firm has a market capitalization of $39.87 billion, a P/E ratio of 24.89 and a beta of 1.04. The business has a fifty day simple moving average of $101.91 and a 200 day simple moving average of $97.93. Otis Worldwide Co. has a 12 month low of $85.42 and a 12 month high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced 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 net margin of 11.48% and a negative return on equity of 31.28%. The business had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the prior year, the business earned $0.95 earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, sell-side analysts predict that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.56%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s dividend payout ratio is presently 38.90%.

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.