Fort L.P. Sells 121 Shares of Otis Worldwide Co. (NYSE:OTIS)

Fort L.P. cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.5% during the 3rd quarter, Holdings Channel.com reports. The fund owned 2,589 shares of the company’s stock after selling 121 shares during the period. Fort L.P.’s holdings in Otis Worldwide were worth $269,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of OTIS. Massachusetts Financial Services Co. MA increased its position in shares of Otis Worldwide by 12.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after purchasing an additional 907,972 shares during the last quarter. PineStone Asset Management Inc. increased its position in shares of Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after purchasing an additional 2,590,780 shares during the last quarter. Sarasin & Partners LLP increased its position in shares of Otis Worldwide by 27.2% during the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after purchasing an additional 883,659 shares during the last quarter. Legal & General Group Plc increased its position in shares of Otis Worldwide by 0.4% during the 2nd quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock valued at $352,351,000 after purchasing an additional 15,021 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Otis Worldwide by 4.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company’s stock valued at $316,782,000 after purchasing an additional 126,684 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

OTIS has been the subject of several recent research reports. Morgan Stanley initiated coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Wells Fargo & Company decreased their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Barclays decreased 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. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $102.00.

Otis Worldwide Stock Performance

NYSE OTIS traded up $1.24 during trading hours on Friday, hitting $99.44. The company had a trading volume of 3,060,559 shares, compared to its average volume of 1,952,509. The firm has a market capitalization of $39.83 billion, a price-to-earnings ratio of 24.80 and a beta of 1.04. The firm has a 50 day simple moving average of $99.11 and a 200 day simple moving average of $96.90. Otis Worldwide Co. has a 52 week low of $77.51 and a 52 week high of $106.33.

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

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be given a $0.39 dividend. 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 1.57%. Otis Worldwide’s payout ratio is 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.