Cerity Partners LLC Has $5.07 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Cerity Partners LLC raised its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 41.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,773 shares of the company's stock after acquiring an additional 14,348 shares during the quarter. Cerity Partners LLC's holdings in Otis Worldwide were worth $5,070,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Pacer Advisors Inc. lifted its stake in shares of Otis Worldwide by 31.6% during the third quarter. Pacer Advisors Inc. now owns 71,444 shares of the company's stock valued at $7,426,000 after acquiring an additional 17,175 shares during the period. Landscape Capital Management L.L.C. bought a new position in shares of Otis Worldwide in the 3rd quarter valued at about $676,000. Advisors Asset Management Inc. grew its position in shares of Otis Worldwide by 3.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 9,173 shares of the company's stock worth $953,000 after buying an additional 318 shares during the period. Prospera Private Wealth LLC bought a new stake in shares of Otis Worldwide during the third quarter worth approximately $297,000. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Otis Worldwide during the 3rd quarter worth $23,990,000. 88.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on OTIS shares. Wells Fargo & Company cut their price target on 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. Royal Bank of Canada reissued an "outperform" rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 target price for the company. Barclays cut their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 31st. Finally, Wolfe Research lowered shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, October 8th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $104.57.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded up $0.46 on Friday, hitting $102.98. The company had a trading volume of 1,060,619 shares, compared to its average volume of 2,100,773. The stock has a 50-day moving average of $101.90 and a 200-day moving average of $97.80. Otis Worldwide Co. has a twelve month low of $83.99 and a twelve month high of $106.33. The firm has a market capitalization of $41.14 billion, a P/E ratio of 25.68 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released 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 firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. Otis Worldwide's revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the company posted $0.95 EPS. Equities analysts predict that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently declared 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. This represents a $1.56 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide's dividend payout ratio (DPR) is currently 38.90%.

Insider Transactions at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the company's stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.23% of the company's stock.

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.