Kentucky Retirement Systems Insurance Trust Fund Sells 1,182 Shares of Otis Worldwide Co. (NYSE:OTIS)

Kentucky Retirement Systems Insurance Trust Fund decreased its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 9.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,859 shares of the company’s stock after selling 1,182 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Otis Worldwide were worth $1,233,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in OTIS. Massachusetts Financial Services Co. MA lifted its stake in Otis Worldwide by 12.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after acquiring an additional 907,972 shares in the last quarter. PineStone Asset Management Inc. raised its holdings in shares of Otis Worldwide by 138.3% in the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after purchasing an additional 2,590,780 shares during the last quarter. Sarasin & Partners LLP lifted its position in shares of Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after purchasing an additional 883,659 shares in the last quarter. Legal & General Group Plc boosted its holdings in Otis Worldwide by 0.4% during the second quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock worth $352,351,000 after purchasing an additional 15,021 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in 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 during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 0.6 %

OTIS opened at $99.10 on Monday. The stock’s fifty day simple moving average is $100.41 and its 200 day simple moving average is $97.35. Otis Worldwide Co. has a 1-year low of $83.21 and a 1-year high of $106.33. The stock has a market cap of $39.59 billion, a PE ratio of 24.71 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued 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 company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.95 earnings per share. Equities analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Morgan Stanley initiated coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. UBS Group initiated coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Wells Fargo & Company decreased their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Finally, Barclays decreased their target price on shares of 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. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus target price of $104.57.

Insider Transactions at Otis Worldwide

In related 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 transaction, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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.