Baker Avenue Asset Management LP Purchases Shares of 4,884 Otis Worldwide Co. (NYSE:OTIS)

Baker Avenue Asset Management LP purchased a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) in the 3rd quarter, HoldingsChannel reports. The fund purchased 4,884 shares of the company’s stock, valued at approximately $508,000.

Several other hedge funds have also modified their holdings of the company. Envestnet Portfolio Solutions Inc. increased its holdings in Otis Worldwide by 21.9% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 22,833 shares of the company’s stock worth $2,267,000 after buying an additional 4,104 shares during the period. Empowered Funds LLC raised its position in shares of Otis Worldwide by 43.6% in the first quarter. Empowered Funds LLC now owns 6,205 shares of the company’s stock worth $616,000 after acquiring an additional 1,884 shares during the period. NorthRock Partners LLC purchased a new stake in shares of Otis Worldwide during the 1st quarter worth about $239,000. Meeder Advisory Services Inc. boosted its stake in shares of Otis Worldwide by 8.3% during the 1st quarter. Meeder Advisory Services Inc. now owns 5,458 shares of the company’s stock worth $542,000 after acquiring an additional 417 shares in the last quarter. Finally, QRG Capital Management Inc. boosted its stake in shares of Otis Worldwide by 3.7% during the 1st quarter. QRG Capital Management Inc. now owns 39,156 shares of the company’s stock worth $3,887,000 after acquiring an additional 1,393 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $101.52 on Tuesday. The company has a 50 day simple moving average of $99.90 and a 200-day simple moving average of $97.14. The company has a market capitalization of $40.55 billion, a P/E ratio of 25.32 and a beta of 1.04. Otis Worldwide Co. has a 1 year low of $81.21 and a 1 year high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data 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). The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the previous year, the business posted $0.95 EPS. As a group, research analysts expect that Otis Worldwide Co. will post 3.85 EPS 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 given 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 dividend yield of 1.54%. Otis Worldwide’s payout ratio is currently 38.90%.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the firm’s 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 transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.23% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Wells Fargo & Company lowered 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 note on Thursday, October 31st. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. 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 report on Thursday, October 31st. Finally, Morgan Stanley initiated coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $102.00.

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.