Fmr LLC Increases Holdings in Otis Worldwide Co. (NYSE:OTIS)

FMR LLC grew its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 2.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,536,108 shares of the company's stock after buying an additional 101,278 shares during the quarter. FMR LLC owned 0.89% of Otis Worldwide worth $367,543,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in OTIS. Riverview Trust Co purchased a new position in shares of Otis Worldwide in the 3rd quarter valued at $25,000. Meeder Asset Management Inc. grew its stake in Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company's stock valued at $26,000 after purchasing an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. raised its holdings in Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company's stock worth $28,000 after purchasing an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC grew 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 worth $28,000 after buying an additional 250 shares during the last quarter. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Otis Worldwide in the 3rd quarter worth approximately $28,000. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

OTIS has been the subject of several recent analyst reports. Barclays lowered their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating for the company in a research note on Thursday, October 31st. Wolfe Research downgraded Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, October 8th. 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. UBS Group assumed coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price target for the company. Finally, 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 price objective on the stock. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, Otis Worldwide has an average rating of "Hold" and a consensus price target of $104.57.

Otis Worldwide Price Performance

NYSE:OTIS traded up $0.46 during mid-day trading on Friday, hitting $102.98. The company's stock had a trading volume of 1,060,619 shares, compared to its average volume of 1,927,440. The business's fifty day moving average is $101.90 and its two-hundred day moving average is $97.81. The stock has a market cap of $41.14 billion, a price-to-earnings ratio of 25.68 and a beta of 1.04. Otis Worldwide Co. has a 1 year low of $83.99 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 EPS for the quarter, missing analysts' consensus estimates of $0.97 by ($0.01). The company had revenue of $3.55 billion during the quarter, compared to analysts' expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm's quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.95 EPS. Analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

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 dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide's dividend payout ratio (DPR) is 38.90%.

Insider Buying and Selling

In other news, EVP Abbe Luersman sold 9,000 shares of the business'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 value of $909,180.00. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is currently owned by insiders.

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.