Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Citigroup Inc.

Citigroup Inc. trimmed its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 11.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 409,723 shares of the company's stock after selling 51,148 shares during the period. Citigroup Inc. owned approximately 0.10% of Otis Worldwide worth $42,587,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hancock Whitney Corp boosted its stake in Otis Worldwide by 4.6% during the first quarter. Hancock Whitney Corp now owns 2,549 shares of the company's stock worth $253,000 after buying an additional 111 shares during the period. Optas LLC grew its holdings in Otis Worldwide by 2.2% during the 3rd quarter. Optas LLC now owns 5,522 shares of the company's stock valued at $574,000 after purchasing an additional 118 shares during the last quarter. Brighton Jones LLC boosted its position in shares of Otis Worldwide by 5.0% during 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 period. Park Avenue Securities LLC raised its holdings in shares of Otis Worldwide by 0.9% in the second quarter. Park Avenue Securities LLC now owns 14,931 shares of the company's stock worth $1,437,000 after buying an additional 127 shares during the period. Finally, Resonant Capital Advisors LLC lifted its stake in shares of 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 acquiring an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Insider Buying and Selling

In other news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was 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 of the company's stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is owned by company insiders.

Otis Worldwide Stock Performance

NYSE:OTIS traded up $1.26 during midday trading on Monday, reaching $102.46. 2,258,227 shares of the stock traded hands, compared to its average volume of 2,112,329. The business has a 50-day moving average of $101.19 and a two-hundred day moving average of $97.61. Otis Worldwide Co. has a 12-month low of $83.99 and a 12-month high of $106.33. The stock has a market capitalization of $40.93 billion, a PE ratio of 25.24 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results 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). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business had revenue of $3.55 billion for the quarter, compared to analysts' expectations of $3.59 billion. During the same quarter last year, the firm earned $0.95 earnings per share. The firm's quarterly revenue was up .7% compared to the same quarter last year. Research analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Announces Dividend

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 $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide's payout ratio is currently 38.90%.

Analyst Ratings Changes

Several analysts have recently weighed in on OTIS shares. Wolfe Research downgraded Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, October 8th. 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 research note on Thursday, October 31st. Wells Fargo & Company dropped their price objective 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 reaffirmed an "outperform" rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Morgan Stanley assumed coverage on Otis Worldwide in a research report on Friday, September 6th. They set an "equal weight" rating and a $97.00 price target 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. Based on data from 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.