Hilltop Holdings Inc. Purchases 653 Shares of Otis Worldwide Co. (NYSE:OTIS)

Hilltop Holdings Inc. boosted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 22.2% in the third quarter, Holdings Channel reports. The fund owned 3,596 shares of the company’s stock after purchasing an additional 653 shares during the quarter. Hilltop Holdings Inc.’s holdings in Otis Worldwide were worth $374,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Appian Way Asset Management LP bought a new position in shares of Otis Worldwide in the 2nd quarter worth approximately $991,000. Cetera Investment Advisers increased its holdings in Otis Worldwide by 259.1% during the first quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after buying an additional 33,457 shares during the last quarter. Blair William & Co. IL raised its position in Otis Worldwide by 64.7% in the second quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock worth $2,363,000 after acquiring an additional 9,643 shares during the period. Daiwa Securities Group Inc. boosted its stake in shares of Otis Worldwide by 11.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after acquiring an additional 4,918 shares during the last quarter. Finally, Public Sector Pension Investment Board grew its position in shares of Otis Worldwide by 3.2% during the 2nd quarter. Public Sector Pension Investment Board now owns 198,871 shares of the company’s stock valued at $19,143,000 after acquiring an additional 6,259 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the firm’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 completion of the transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This trade 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 this hyperlink. Insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Up 0.7 %

NYSE OTIS opened at $99.78 on Friday. Otis Worldwide Co. has a 12 month low of $85.42 and a 12 month high of $106.33. The stock has a market cap of $39.86 billion, a PE ratio of 24.72 and a beta of 1.04. The stock’s 50 day moving average is $102.00 and its 200 day moving average is $97.91.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The company had revenue of $3.55 billion during 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%. Otis Worldwide’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the firm posted $0.95 EPS. On average, analysts forecast that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed 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. The ex-dividend date was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.56%. Otis Worldwide’s payout ratio is 38.90%.

Analysts Set New Price Targets

OTIS has been the topic of a number of recent research reports. Wells Fargo & Company decreased their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. UBS Group initiated coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Barclays cut shares of Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 target price on the stock. in a research note on Thursday. Finally, Morgan Stanley started coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average 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.