Sumitomo Mitsui Trust Group Inc. Sells 2,582 Shares of Otis Worldwide Co. (NYSE:OTIS)

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 928,871 shares of the company’s stock after selling 2,582 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Otis Worldwide were worth $96,547,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Hancock Whitney Corp increased its position in shares of Otis Worldwide by 4.6% during the first quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock worth $253,000 after acquiring an additional 111 shares in the last quarter. Bleakley Financial Group LLC increased its position in shares of Otis Worldwide by 1.2% during the first quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock worth $965,000 after acquiring an additional 117 shares in the last quarter. Optas LLC increased its position in shares of Otis Worldwide by 2.2% during the third quarter. Optas LLC now owns 5,522 shares of the company’s stock worth $574,000 after acquiring an additional 118 shares in the last quarter. Brighton Jones LLC increased its position in shares of Otis Worldwide by 5.0% during the second quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock worth $248,000 after acquiring an additional 124 shares in the last quarter. Finally, Park Avenue Securities LLC increased its position in shares of Otis Worldwide by 0.9% during the second quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock worth $1,437,000 after acquiring an additional 127 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Up 0.7 %

OTIS opened at $100.39 on Thursday. The stock has a market cap of $40.10 billion, a price-to-earnings ratio of 25.03 and a beta of 1.04. Otis Worldwide Co. has a twelve month low of $82.43 and a twelve month high of $106.33. The company’s 50-day moving average price is $99.99 and its two-hundred day moving average price is $97.19.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates 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 net margin of 11.48% and a negative return on equity of 31.28%. The firm’s revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 earnings per share. As a group, sell-side analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s payout ratio is currently 38.90%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Morgan Stanley started coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Barclays reduced their price objective on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Finally, Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average target price of $104.57.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the company’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 transaction of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

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.