Comgest Global Investors S.A.S. Has $41.38 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Comgest Global Investors S.A.S. decreased its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 5.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 398,152 shares of the company's stock after selling 24,904 shares during the period. Otis Worldwide makes up 0.6% of Comgest Global Investors S.A.S.'s portfolio, making the stock its 27th biggest position. Comgest Global Investors S.A.S. owned about 0.10% of Otis Worldwide worth $41,384,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. Riverview Trust Co acquired a new position in shares of Otis Worldwide in the 3rd quarter worth approximately $25,000. Meeder Asset Management Inc. grew its stake in shares of Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company's stock worth $26,000 after purchasing an additional 196 shares during the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of Otis Worldwide in the 3rd quarter worth approximately $28,000. Ashton Thomas Securities LLC acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at $29,000. Finally, Cranbrook Wealth Management LLC boosted its position in shares of Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock valued at $28,000 after purchasing an additional 250 shares during the period. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Price Performance

OTIS traded down $0.23 during trading on Friday, reaching $99.10. 1,855,225 shares of the stock traded hands, compared to its average volume of 2,114,761. The stock has a market cap of $39.59 billion, a price-to-earnings ratio of 24.71 and a beta of 1.04. Otis Worldwide Co. has a fifty-two week low of $83.21 and a fifty-two week high of $106.33. The stock's 50-day simple moving average is $100.41 and its two-hundred day simple moving average is $97.27.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company's quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.95 earnings per share. Research analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced 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 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide's payout ratio is 38.90%.

Insiders Place Their Bets

In other 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 transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.23% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on OTIS. Morgan Stanley began coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an "equal weight" rating and a $97.00 price target for the company. Wells Fargo & Company decreased their price target on 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. Royal Bank of Canada reiterated an "outperform" rating and issued a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Wolfe Research lowered Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, October 8th. Finally, Barclays dropped their price target on 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. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price 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.