Fisher Asset Management LLC Cuts Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Fisher Asset Management LLC trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 16.0% in the third quarter, Holdings Channel reports. The firm owned 923,238 shares of the company’s stock after selling 176,261 shares during the period. Fisher Asset Management LLC’s holdings in Otis Worldwide were worth $95,961,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA grew its stake in shares of 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 valued at $793,945,000 after buying an additional 907,972 shares in the last quarter. PineStone Asset Management Inc. boosted its holdings in Otis Worldwide by 138.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after acquiring an additional 2,590,780 shares during the period. Sarasin & Partners LLP grew its position in Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after acquiring an additional 883,659 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Otis Worldwide by 0.4% during the second 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 period. Finally, Dimensional Fund Advisors LP lifted its position in shares of Otis Worldwide by 4.2% during 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 in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.23% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Wells Fargo & Company reduced their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Barclays dropped their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. 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.com, Otis Worldwide presently has an average rating of “Hold” and an average price target of $104.57.

Otis Worldwide Trading Up 1.3 %

Shares of NYSE OTIS opened at $102.49 on Tuesday. The business has a 50 day simple moving average of $101.34 and a 200-day simple moving average of $97.66. Otis Worldwide Co. has a twelve month low of $83.99 and a twelve month high of $106.33. The company has a market capitalization of $40.94 billion, a price-to-earnings ratio of 25.56 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued 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). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same period last year, the company posted $0.95 earnings per share. The firm’s revenue for the quarter was up .7% on a year-over-year basis. As a group, equities analysts predict that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.52%. Otis Worldwide’s payout ratio is currently 38.90%.

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.