Banco Santander S.A. Has $9.08 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Banco Santander S.A. lowered its stake in Otis Worldwide Co. (NYSE:OTIS) by 54.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 87,369 shares of the company’s stock after selling 103,072 shares during the period. Banco Santander S.A.’s holdings in Otis Worldwide were worth $9,081,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Riverview Trust Co bought a new stake in Otis Worldwide during the third quarter valued at $25,000. Meeder Asset Management Inc. raised its holdings in shares of Otis Worldwide by 264.9% in 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 period. Northwest Investment Counselors LLC bought a new position in Otis Worldwide during the third quarter worth about $28,000. Ashton Thomas Securities LLC bought a new stake in shares of Otis Worldwide during the 3rd quarter valued at $29,000. Finally, Cranbrook Wealth Management LLC boosted its holdings in Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Up 0.5 %

OTIS opened at $100.15 on Friday. Otis Worldwide Co. has a 52 week low of $83.99 and a 52 week high of $106.33. The business’s 50 day moving average is $101.05 and its two-hundred day moving average is $97.51. The firm has a market cap of $40.00 billion, a price-to-earnings ratio of 24.97 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last released its quarterly 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). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same period last year, the firm earned $0.95 earnings per share. The business’s revenue was up .7% compared to the same quarter last year. Equities analysts expect that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared 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 of this dividend is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.56%. Otis Worldwide’s dividend payout ratio (DPR) is 38.90%.

Wall Street Analyst Weigh In

OTIS has been the topic of several recent research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Wells Fargo & Company lowered their price target on 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. Morgan Stanley began coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. Barclays dropped their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Finally, Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus price target of $104.57.

Insider Transactions at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.23% of the company’s stock.

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.