Empirical Finance LLC Has $1.48 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Empirical Finance LLC lifted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 14,216 shares of the company’s stock after purchasing an additional 276 shares during the period. Empirical Finance LLC’s holdings in Otis Worldwide were worth $1,478,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Riverview Trust Co acquired a new position in shares of Otis Worldwide during the third quarter valued at $25,000. Meeder Asset Management Inc. raised its holdings in Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after purchasing an additional 196 shares during the last quarter. Northwest Investment Counselors LLC bought a new position in shares of Otis Worldwide in the 3rd quarter valued at about $28,000. Ashton Thomas Securities LLC bought a new stake in shares of Otis Worldwide during the third quarter worth approximately $29,000. Finally, Cranbrook Wealth Management LLC lifted its holdings in Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after buying an additional 250 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Shares of OTIS opened at $99.10 on Friday. Otis Worldwide Co. has a 52-week low of $83.21 and a 52-week high of $106.33. The stock has a 50 day simple moving average of $100.41 and a 200 day simple moving average of $97.27. The firm has a market capitalization of $39.59 billion, a PE ratio of 24.71 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the prior year, the company earned $0.95 earnings per share. Equities research analysts predict that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Analyst Ratings Changes

Several brokerages have commented on OTIS. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Wells Fargo & Company reduced 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. Barclays lowered their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Finally, Morgan Stanley initiated coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective 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, Otis Worldwide currently has an average rating of “Hold” and an average price target of $104.57.

Insider Transactions 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 stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is currently owned by insiders.

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.