Otis Worldwide Co. (NYSE:OTIS) Shares Sold by iA Global Asset Management Inc.

iA Global Asset Management Inc. trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 63.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,013 shares of the company's stock after selling 6,820 shares during the quarter. iA Global Asset Management Inc.'s holdings in Otis Worldwide were worth $417,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. EP Wealth Advisors LLC lifted its stake in Otis Worldwide by 7.2% in the 3rd quarter. EP Wealth Advisors LLC now owns 6,407 shares of the company's stock valued at $666,000 after buying an additional 428 shares in the last quarter. United Services Automobile Association raised its holdings in shares of Otis Worldwide by 17.5% during the third quarter. United Services Automobile Association now owns 57,848 shares of the company's stock valued at $6,013,000 after acquiring an additional 8,611 shares during the last quarter. Kovitz Investment Group Partners LLC lifted its position in shares of Otis Worldwide by 40.4% in the third quarter. Kovitz Investment Group Partners LLC now owns 28,114 shares of the company's stock valued at $2,922,000 after acquiring an additional 8,093 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Otis Worldwide by 11.9% in the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company's stock worth $382,546,000 after acquiring an additional 391,206 shares during the last quarter. Finally, Stifel Financial Corp increased its position in shares of Otis Worldwide by 3.7% during the third quarter. Stifel Financial Corp now owns 87,852 shares of the company's stock worth $9,132,000 after purchasing an additional 3,120 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Trading Down 0.8 %

Otis Worldwide stock traded down $0.81 during midday trading on Tuesday, reaching $100.06. 1,877,266 shares of the stock traded hands, compared to its average volume of 2,086,259. Otis Worldwide Co. has a 12-month low of $85.42 and a 12-month high of $106.33. The company has a 50-day simple moving average of $101.85 and a two-hundred day simple moving average of $97.95. The firm has a market cap of $39.97 billion, a PE ratio of 25.16 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released 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 company 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 revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.95 earnings per share. Equities research analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.56%. Otis Worldwide's payout ratio is currently 38.90%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the firm's stock in a transaction dated Thursday, November 7th. The stock was 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 of the company's stock, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

OTIS has been the topic of several recent research reports. Barclays cut shares of Otis Worldwide from an "equal weight" rating to an "underweight" rating and set a $94.00 target price on the stock. in a research note on Thursday, December 5th. UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price target on the stock. Wells Fargo & Company decreased their target price 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. Morgan Stanley began coverage on Otis Worldwide in a report on Friday, September 6th. They set an "equal weight" rating and a $97.00 target price on the stock. Finally, Wolfe Research cut Otis Worldwide from an "outperform" rating to a "peer perform" rating in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $104.57.

Otis Worldwide Company 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.