Otis Worldwide Co. (NYSE:OTIS) Stake Lessened by MetLife Investment Management LLC

MetLife Investment Management LLC decreased its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,211 shares of the company’s stock after selling 3,625 shares during the period. MetLife Investment Management LLC’s holdings in Otis Worldwide were worth $10,832,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC raised its stake in shares of Otis Worldwide by 4.2% in the 1st quarter. Janus Henderson Group PLC now owns 89,135 shares of the company’s stock worth $8,848,000 after buying an additional 3,590 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its holdings in Otis Worldwide by 15.3% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 8,045 shares of the company’s stock valued at $799,000 after acquiring an additional 1,068 shares during the last quarter. Tidal Investments LLC boosted its position in shares of Otis Worldwide by 49.5% during the 1st quarter. Tidal Investments LLC now owns 25,252 shares of the company’s stock valued at $2,509,000 after purchasing an additional 8,356 shares in the last quarter. Hancock Whitney Corp grew its stake in shares of Otis Worldwide by 4.6% in the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock worth $253,000 after purchasing an additional 111 shares during the last quarter. Finally, iA Global Asset Management Inc. raised its holdings in shares of Otis Worldwide by 33.5% in the 1st quarter. iA Global Asset Management Inc. now owns 13,702 shares of the company’s stock worth $1,360,000 after purchasing an additional 3,438 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Morgan Stanley began coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Wells Fargo & Company cut 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. Barclays reduced their target price 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. Finally, UBS Group began coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $104.57.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction that occurred 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 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. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Up 0.5 %

Shares of Otis Worldwide stock opened at $102.52 on Friday. Otis Worldwide Co. has a 1 year low of $83.99 and a 1 year high of $106.33. The stock has a 50-day moving average price of $101.63 and a 200 day moving average price of $97.73. The company has a market cap of $40.95 billion, a P/E ratio of 25.57 and a beta of 1.04.

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

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors 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 yield of 1.52%. Otis Worldwide’s payout ratio is 38.90%.

Otis Worldwide 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.