Otis Worldwide Co. (NYSE:OTIS) Position Reduced by Banco Santander S.A.

Banco Santander S.A. cut its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 54.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 87,369 shares of the company's stock after selling 103,072 shares during the quarter. Banco Santander S.A.'s holdings in Otis Worldwide were worth $9,081,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in OTIS. Massachusetts Financial Services Co. MA raised its holdings in Otis Worldwide by 12.4% in the second 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 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 acquiring an additional 2,590,780 shares in the last quarter. Sarasin & Partners LLP raised its holdings in Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company's stock valued at $398,061,000 after acquiring an additional 883,659 shares in the last quarter. Legal & General Group Plc raised its holdings in Otis Worldwide by 0.4% in the second quarter. Legal & General Group Plc now owns 3,660,401 shares of the company's stock valued at $352,351,000 after acquiring an additional 15,021 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Otis Worldwide by 4.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,523,091 shares of the company's stock valued at $242,873,000 after acquiring an additional 101,955 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the firm's stock in a transaction dated 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 trade represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Trading Up 1.3 %

OTIS traded up $1.25 on Friday, reaching $101.20. The company had a trading volume of 1,791,508 shares, compared to its average volume of 2,111,686. The company has a fifty day moving average of $101.19 and a 200-day moving average of $97.57. The company has a market capitalization of $40.43 billion, a P/E ratio of 25.24 and a beta of 1.04. Otis Worldwide Co. has a one year low of $83.99 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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%. The business's quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.95 EPS. Research analysts predict that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be given a $0.39 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.54%. Otis Worldwide's dividend payout ratio is presently 38.90%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Barclays dropped their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating on the stock in a report on Thursday, October 31st. Wells Fargo & Company dropped 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 report on Thursday, October 31st. Morgan Stanley assumed coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an "equal weight" rating and a $97.00 target price on the stock. Royal Bank of Canada reissued an "outperform" rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, UBS Group started coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 target price on the stock. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $104.57.

About Otis Worldwide

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.