Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Eventide Asset Management LLC

Eventide Asset Management LLC increased its stake in Otis Worldwide Co. (NYSE:OTIS) by 10.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,664 shares of the company’s stock after acquiring an additional 3,187 shares during the period. Eventide Asset Management LLC’s holdings in Otis Worldwide were worth $3,499,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hancock Whitney Corp increased its position in shares of Otis Worldwide by 4.6% in the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock valued at $253,000 after purchasing an additional 111 shares during the last quarter. Optas LLC increased its holdings in Otis Worldwide by 2.2% in the third quarter. Optas LLC now owns 5,522 shares of the company’s stock valued at $574,000 after buying an additional 118 shares during the last quarter. Brighton Jones LLC increased its holdings in Otis Worldwide by 5.0% in the second quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock valued at $248,000 after buying an additional 124 shares during the last quarter. Park Avenue Securities LLC raised its stake in Otis Worldwide by 0.9% in the second quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock valued at $1,437,000 after buying an additional 127 shares in the last quarter. Finally, Resonant Capital Advisors LLC lifted its holdings in Otis Worldwide by 4.6% during the 2nd quarter. Resonant Capital Advisors LLC now owns 3,426 shares of the company’s stock worth $330,000 after buying an additional 150 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is owned by insiders.

Otis Worldwide Trading Up 0.4 %

Shares of OTIS opened at $102.98 on Friday. The company’s 50 day simple moving average is $101.90 and its 200-day simple moving average is $97.80. Otis Worldwide Co. has a 12-month low of $83.99 and a 12-month high of $106.33. The firm has a market cap of $41.14 billion, a PE ratio of 25.68 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the prior year, the firm posted $0.95 earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, equities research analysts forecast that Otis Worldwide Co. will post 3.85 EPS for the current fiscal 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 paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.51%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio is presently 38.90%.

Analysts Set New Price Targets

A number of research analysts have recently commented on OTIS shares. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Morgan Stanley initiated coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target on the stock. Wells Fargo & Company reduced 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. UBS Group initiated coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $104.57.

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.