Aureus Asset Management LLC Decreases Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Aureus Asset Management LLC reduced its position in Otis Worldwide Co. (NYSE:OTIS) by 0.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 43,301 shares of the company’s stock after selling 350 shares during the period. Aureus Asset Management LLC’s holdings in Otis Worldwide were worth $4,501,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Cetera Investment Advisers grew its position in Otis Worldwide by 259.1% in the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock worth $4,603,000 after purchasing an additional 33,457 shares during the period. Cetera Advisors LLC grew its position in Otis Worldwide by 41.3% in the 1st quarter. Cetera Advisors LLC now owns 18,463 shares of the company’s stock worth $1,833,000 after purchasing an additional 5,395 shares during the period. GAMMA Investing LLC grew its position in Otis Worldwide by 100.9% in the 2nd quarter. GAMMA Investing LLC now owns 5,415 shares of the company’s stock worth $521,000 after purchasing an additional 2,720 shares during the period. Massmutual Trust Co. FSB ADV grew its position in Otis Worldwide by 21.9% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 2,275 shares of the company’s stock worth $219,000 after purchasing an additional 408 shares during the period. Finally, DNB Asset Management AS grew its position in Otis Worldwide by 3.5% in the 2nd quarter. DNB Asset Management AS now owns 101,289 shares of the company’s stock worth $9,750,000 after purchasing an additional 3,460 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $102.98 on Monday. The company has a market capitalization of $41.14 billion, a P/E ratio of 25.68 and a beta of 1.04. The company has a fifty day moving average of $101.90 and a 200 day moving average of $97.81. Otis Worldwide Co. has a fifty-two week low of $83.99 and a fifty-two week high of $106.33.

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 the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the prior year, the company posted $0.95 EPS. Analysts forecast that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.51%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s payout ratio is currently 38.90%.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of research analyst reports. Morgan Stanley initiated coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Barclays cut 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. UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Finally, Wells Fargo & Company cut 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 given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $104.57.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Company 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.