HighTower Advisors LLC Decreases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

HighTower Advisors LLC reduced its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 3.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 858,348 shares of the company's stock after selling 28,139 shares during the quarter. HighTower Advisors LLC owned about 0.21% of Otis Worldwide worth $89,252,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in OTIS. Massachusetts Financial Services Co. MA raised its stake in shares of 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 valued at $793,945,000 after purchasing an additional 907,972 shares during the period. PineStone Asset Management Inc. boosted its holdings 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 valued at $429,717,000 after acquiring an additional 2,590,780 shares during the period. Sarasin & Partners LLP grew its position in shares of Otis Worldwide by 27.2% in the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company's stock worth $398,061,000 after buying an additional 883,659 shares during the last quarter. Legal & General Group Plc grew its position in shares of Otis Worldwide by 0.4% in the 2nd quarter. Legal & General Group Plc now owns 3,660,401 shares of the company's stock worth $352,351,000 after buying an additional 15,021 shares during the last quarter. Finally, FMR LLC lifted its stake in shares of Otis Worldwide by 2.9% in the 3rd quarter. FMR LLC now owns 3,536,108 shares of the company's stock valued at $367,543,000 after purchasing an additional 101,278 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on OTIS. Wolfe Research cut Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, October 8th. UBS Group began coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price objective for the company. Morgan Stanley began coverage on Otis Worldwide in a research note on Friday, September 6th. They set an "equal weight" rating and a $97.00 price objective for the company. Wells Fargo & Company lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating for the company in a research note on Thursday, October 31st. Finally, Barclays lowered their price objective on 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. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $104.57.

Insider Activity

In related news, EVP Abbe Luersman sold 9,000 shares of the 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 transaction, the executive vice president now owns 9,992 shares of the company's stock, valued at $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 available through the SEC website. Company insiders own 0.23% of the company's stock.

Otis Worldwide Price Performance

Shares of OTIS traded up $0.09 during trading hours on Wednesday, hitting $101.15. The stock had a trading volume of 1,210,104 shares, compared to its average volume of 2,090,962. Otis Worldwide Co. has a 12 month low of $85.42 and a 12 month high of $106.33. The firm has a market capitalization of $40.41 billion, a PE ratio of 25.22 and a beta of 1.04. The stock has a fifty day moving average price of $102.06 and a 200 day moving average price of $97.88.

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

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be given a $0.39 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.54%. Otis Worldwide's payout ratio is 38.90%.

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.