Comgest Global Investors S.A.S. Sells 24,904 Shares of Otis Worldwide Co. (NYSE:OTIS)

Comgest Global Investors S.A.S. reduced its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 398,152 shares of the company’s stock after selling 24,904 shares during the quarter. Otis Worldwide comprises about 0.6% of Comgest Global Investors S.A.S.’s portfolio, making the stock its 27th biggest position. Comgest Global Investors S.A.S. owned 0.10% of Otis Worldwide worth $41,384,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of OTIS. Massachusetts Financial Services Co. MA raised its holdings in Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after purchasing an additional 907,972 shares during the period. PineStone Asset Management Inc. raised its holdings in Otis Worldwide by 138.3% in the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after purchasing an additional 2,590,780 shares during the period. Sarasin & Partners LLP raised its holdings in Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after purchasing an additional 883,659 shares during the period. Legal & General Group Plc raised its holdings in Otis Worldwide by 0.4% in the second quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock worth $352,351,000 after purchasing an additional 15,021 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Otis Worldwide by 4.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,523,091 shares of the company’s stock worth $242,873,000 after purchasing an additional 101,955 shares during the period. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Performance

Otis Worldwide stock traded down $0.23 during mid-day trading on Friday, reaching $99.10. The company’s stock had a trading volume of 1,855,225 shares, compared to its average volume of 2,114,761. The company has a market capitalization of $39.59 billion, a price-to-earnings ratio of 24.71 and a beta of 1.04. Otis Worldwide Co. has a 12 month low of $83.21 and a 12 month high of $106.33. The business’s 50 day simple moving average is $100.41 and its 200 day simple moving average is $97.27.

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 firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the business earned $0.95 EPS. The business’s revenue was up .7% on a year-over-year basis. As a group, sell-side analysts expect that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on OTIS shares. UBS Group initiated coverage on shares of Otis Worldwide in a report on Wednesday. They issued a “neutral” rating and a $113.00 target price on the stock. Wells Fargo & Company lowered 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. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. 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, Morgan Stanley initiated coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $104.57.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.23% of the company’s stock.

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.