ING Groep NV Trims Holdings in Otis Worldwide Co. (NYSE:OTIS)

ING Groep NV lessened its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 34.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 35,570 shares of the company's stock after selling 18,837 shares during the quarter. ING Groep NV's holdings in Otis Worldwide were worth $3,697,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Riverview Trust Co acquired a new position in Otis Worldwide in the 3rd quarter valued at $25,000. Meeder Asset Management Inc. raised 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 in the last quarter. Jamison Private Wealth Management Inc. lifted its position in Otis Worldwide by 5,720.0% during 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 during the period. Cranbrook Wealth Management LLC lifted its position in Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock worth $28,000 after purchasing an additional 250 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new stake in Otis Worldwide during the third quarter worth about $28,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on OTIS. Wells Fargo & Company dropped their target price on shares of 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. Wolfe Research cut Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, October 8th. UBS Group assumed coverage on Otis Worldwide in a report on Wednesday. They issued a "neutral" rating and a $113.00 target price on the stock. Barclays lowered their price target on Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating for the company in a report on Thursday, October 31st. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, Otis Worldwide presently has an average rating of "Hold" and a consensus target price of $104.57.

Otis Worldwide Trading Down 0.2 %

Shares of NYSE:OTIS traded down $0.23 during midday trading on Friday, reaching $99.10. The company had a trading volume of 1,855,225 shares, compared to its average volume of 2,051,125. Otis Worldwide Co. has a 52-week low of $83.21 and a 52-week high of $106.33. The company's 50 day moving average price is $100.41 and its 200 day moving average price is $97.31. The stock has a market cap of $39.59 billion, a P/E ratio of 24.71 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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion during the quarter, compared to analysts' expectations of $3.59 billion. During the same period in the prior year, the business earned $0.95 earnings per share. The business's quarterly revenue was up .7% compared to the same quarter last year. Research analysts forecast that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date is Friday, November 15th. Otis Worldwide's dividend payout ratio (DPR) is presently 38.90%.

Insiders Place Their Bets

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.23% of the company's stock.

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.