Equitable Trust Co. Trims Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Equitable Trust Co. trimmed its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 5.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 223,746 shares of the company's stock after selling 14,043 shares during the quarter. Otis Worldwide makes up 1.5% of Equitable Trust Co.'s investment portfolio, making the stock its 12th largest position. Equitable Trust Co. owned approximately 0.06% of Otis Worldwide worth $23,256,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Massachusetts Financial Services Co. MA raised its stake in Otis Worldwide by 12.4% during the 2nd 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 in the last quarter. PineStone Asset Management Inc. raised its stake in Otis Worldwide by 138.3% during the 2nd 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 in the last quarter. Sarasin & Partners LLP raised its stake in Otis Worldwide by 27.2% during the 2nd 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 in the last quarter. Legal & General Group Plc raised its stake in Otis Worldwide by 0.4% during the 2nd quarter. Legal & General Group Plc now owns 3,660,401 shares of the company's stock worth $352,351,000 after acquiring an additional 15,021 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Otis Worldwide by 4.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company's stock worth $316,782,000 after acquiring an additional 126,684 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OTIS has been the topic of several research analyst reports. Royal Bank of Canada reiterated an "outperform" rating and set a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Wolfe Research lowered shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, October 8th. 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 note on Thursday, October 31st. Morgan Stanley began coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an "equal weight" rating and a $97.00 price objective on the stock. Finally, Wells Fargo & Company dropped 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 research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $102.00.

Insider Activity

In related 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 sale, the executive vice president now owns 9,992 shares of the company's stock, valued at approximately $1,009,391.84. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.23% of the company's stock.

Otis Worldwide Trading Down 0.9 %

Shares of NYSE:OTIS traded down $0.91 during midday trading on Friday, hitting $100.03. The stock had a trading volume of 2,688,975 shares, compared to its average volume of 2,073,167. The company has a market capitalization of $39.96 billion, a PE ratio of 24.95 and a beta of 1.04. The stock has a 50 day moving average price of $99.76 and a two-hundred day moving average price of $97.06. Otis Worldwide Co. has a 1 year low of $80.49 and a 1 year high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued 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). The firm had revenue of $3.55 billion during the quarter, compared to analysts' expectations of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm's revenue was up .7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.95 EPS. As a group, equities analysts expect that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

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

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.