Brown Brothers Harriman & Co. Acquires 203,357 Shares of Otis Worldwide Co. (NYSE:OTIS)

Brown Brothers Harriman & Co. grew its holdings in Otis Worldwide Co. (NYSE:OTIS) by 24.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,018,536 shares of the company’s stock after buying an additional 203,357 shares during the period. Otis Worldwide makes up 0.7% of Brown Brothers Harriman & Co.’s portfolio, making the stock its 28th largest holding. Brown Brothers Harriman & Co.’s holdings in Otis Worldwide were worth $105,867,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Riverview Trust Co purchased a new position in Otis Worldwide during the third quarter worth $25,000. Meeder Asset Management Inc. boosted its stake in shares of Otis Worldwide by 264.9% during the 2nd 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. Jamison Private Wealth Management Inc. grew its holdings in Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares during the last quarter. Cranbrook Wealth Management LLC raised its position in Otis Worldwide by 675.7% in the 2nd 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. Finally, Northwest Investment Counselors LLC bought a new stake in Otis Worldwide in the third quarter worth about $28,000. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of recent analyst reports. Barclays dropped their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Finally, Morgan Stanley initiated coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average target price of $104.57.

Otis Worldwide Stock Performance

OTIS stock opened at $101.20 on Monday. The firm has a 50-day simple moving average of $101.19 and a two-hundred day simple moving average of $97.61. Otis Worldwide Co. has a one year low of $83.99 and a one year high of $106.33. The firm has a market cap of $40.43 billion, a price-to-earnings ratio of 25.24 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same period in the previous year, the company posted $0.95 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. As a group, equities analysts predict that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Insider Transactions at Otis Worldwide

In other Otis Worldwide 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 sale, the executive vice president now directly 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 Securities & Exchange Commission, which can be accessed through this link. Company 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.