Chevy Chase Trust Holdings LLC Reduces Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Chevy Chase Trust Holdings LLC lessened its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 2.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 216,294 shares of the company's stock after selling 6,052 shares during the period. Chevy Chase Trust Holdings LLC owned about 0.05% of Otis Worldwide worth $22,482,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. PineStone Asset Management Inc. lifted its position in Otis Worldwide by 138.3% during the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company's stock worth $429,717,000 after acquiring an additional 2,590,780 shares during the last quarter. Van ECK Associates Corp lifted its position in Otis Worldwide by 3,673.6% during the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company's stock worth $232,662,000 after acquiring an additional 2,201,988 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company's stock worth $793,945,000 after acquiring an additional 907,972 shares during the last quarter. Sarasin & Partners LLP lifted its position in Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company's stock worth $398,061,000 after acquiring an additional 883,659 shares during the last quarter. Finally, Brown Brothers Harriman & Co. lifted its position in Otis Worldwide by 2,782.3% during the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company's stock worth $78,469,000 after acquiring an additional 786,897 shares during the last quarter. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded up $0.09 during trading on Wednesday, hitting $101.15. 1,210,104 shares of the company traded hands, compared to its average volume of 2,090,962. The business's fifty day moving average is $102.06 and its 200 day moving average is $97.88. Otis Worldwide Co. has a fifty-two week low of $85.42 and a fifty-two week high of $106.33. The firm has a market capitalization of $40.41 billion, a price-to-earnings ratio of 25.22 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced 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 for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.95 EPS. On average, analysts predict that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The company 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 $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide's payout ratio is 38.90%.

Analysts Set New Price Targets

OTIS has been the topic of several recent research reports. Morgan Stanley initiated 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. Barclays lowered 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. Wolfe Research cut shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a report on Tuesday, October 8th. 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. Finally, Wells Fargo & Company decreased their price objective 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. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $104.57.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business'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 $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is currently owned by insiders.

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.