Intech Investment Management LLC Sells 4,131 Shares of Otis Worldwide Co. (NYSE:OTIS)

Intech Investment Management LLC reduced its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 13.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 27,366 shares of the company’s stock after selling 4,131 shares during the quarter. Intech Investment Management LLC’s holdings in Otis Worldwide were worth $2,844,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Advisors Asset Management Inc. grew its holdings in Otis Worldwide by 3.6% during the third quarter. Advisors Asset Management Inc. now owns 9,173 shares of the company’s stock valued at $953,000 after purchasing an additional 318 shares during the period. Prospera Private Wealth LLC bought a new position in shares of Otis Worldwide during the third quarter worth $297,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at $23,990,000. Pathstone Holdings LLC increased its position in shares of Otis Worldwide by 1.3% in the 3rd quarter. Pathstone Holdings LLC now owns 47,282 shares of the company’s stock valued at $4,914,000 after buying an additional 604 shares in the last quarter. Finally, Meeder Advisory Services Inc. raised its stake in Otis Worldwide by 4.9% during the 3rd quarter. Meeder Advisory Services Inc. now owns 8,269 shares of the company’s stock worth $859,000 after buying an additional 386 shares during the period. 88.03% of the stock is owned by institutional investors.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on OTIS. UBS Group initiated coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Barclays reduced 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 report on Thursday, October 31st. Finally, Wells Fargo & Company dropped their price objective 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 investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $104.57.

Otis Worldwide Trading Up 1.3 %

NYSE OTIS opened at $101.20 on Friday. The firm’s fifty day moving average price is $101.19 and its two-hundred day moving average price is $97.59. Otis Worldwide Co. has a 1 year low of $83.99 and a 1 year high of $106.33. The firm has a market capitalization of $40.43 billion, a P/E ratio of 25.24 and a beta of 1.04.

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). The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the business posted $0.95 earnings per share. On average, research analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors 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 dividend yield of 1.54%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s payout ratio is presently 38.90%.

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.