Paloma Partners Management Co Increases Holdings in Otis Worldwide Co. (NYSE:OTIS)

Paloma Partners Management Co raised its stake in Otis Worldwide Co. (NYSE:OTIS) by 154.8% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 17,237 shares of the company’s stock after buying an additional 10,472 shares during the period. Paloma Partners Management Co’s holdings in Otis Worldwide were worth $1,792,000 at the end of the most recent quarter.

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

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $101.80 on Tuesday. The company has a market cap of $40.67 billion, a price-to-earnings ratio of 25.39 and a beta of 1.04. The stock’s 50-day moving average is $101.90 and its two-hundred day moving average is $97.81. Otis Worldwide Co. has a 1-year low of $85.42 and a 1-year 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). 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 analyst estimates of $3.59 billion. During the same period last year, the business earned $0.95 EPS. The firm’s revenue was up .7% compared to the same quarter last year. Equities research analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of recent analyst reports. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Morgan Stanley started coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Finally, Barclays decreased their target price on 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. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $104.57.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide 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 transaction, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.23% of the stock is 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.