iSAM Funds UK Ltd Lowers Position in Otis Worldwide Co. (NYSE:OTIS)

iSAM Funds UK Ltd trimmed its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 50.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,843 shares of the company's stock after selling 5,024 shares during the quarter. iSAM Funds UK Ltd's holdings in Otis Worldwide were worth $503,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. OLD National Bancorp IN lifted its position in Otis Worldwide by 13.7% during the 2nd quarter. OLD National Bancorp IN now owns 3,610 shares of the company's stock worth $347,000 after acquiring an additional 436 shares during the period. Czech National Bank lifted its holdings in shares of Otis Worldwide by 8.0% during the second quarter. Czech National Bank now owns 77,048 shares of the company's stock worth $7,417,000 after purchasing an additional 5,708 shares during the period. Sequoia Financial Advisors LLC grew its position in Otis Worldwide by 17.3% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 9,445 shares of the company's stock valued at $909,000 after buying an additional 1,391 shares during the last quarter. Wedmont Private Capital increased its stake in Otis Worldwide by 3.1% in the 2nd quarter. Wedmont Private Capital now owns 6,491 shares of the company's stock valued at $650,000 after buying an additional 195 shares during the period. Finally, Meyer Handelman Co. raised its position in Otis Worldwide by 1.6% during the 2nd quarter. Meyer Handelman Co. now owns 103,276 shares of the company's stock worth $9,941,000 after buying an additional 1,670 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Morgan Stanley assumed coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an "equal weight" rating and a $97.00 target price on the stock. Barclays downgraded Otis Worldwide from an "equal weight" rating to an "underweight" rating and set a $94.00 target price for the company. in a research note on Thursday. Wells Fargo & Company decreased their price target on 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. Wolfe Research cut Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, October 8th. Finally, UBS Group initiated coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $104.57.

Insider Buying and Selling

In other Otis Worldwide 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 transaction 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 position. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Trading Up 0.7 %

Shares of OTIS stock traded up $0.68 during mid-day trading on Friday, reaching $99.80. The stock had a trading volume of 1,475,697 shares, compared to its average volume of 1,719,211. Otis Worldwide Co. has a 12-month low of $85.42 and a 12-month high of $106.33. The business has a 50-day simple moving average of $101.91 and a 200 day simple moving average of $97.93. The company has a market cap of $39.87 billion, a P/E ratio of 24.89 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced 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). The business 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 business's revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.95 EPS. Research analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed 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. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide's payout ratio is currently 38.90%.

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.