Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Jennison Associates LLC

Jennison Associates LLC reduced its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 22.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,178,557 shares of the company's stock after selling 337,808 shares during the quarter. Jennison Associates LLC owned approximately 0.30% of Otis Worldwide worth $122,499,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of OTIS. Acadian Asset Management LLC raised its position in Otis Worldwide by 322.0% in the 1st quarter. Acadian Asset Management LLC now owns 6,798 shares of the company's stock valued at $673,000 after purchasing an additional 5,187 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its stake in Otis Worldwide by 19.2% in the first quarter. O Shaughnessy Asset Management LLC now owns 30,450 shares of the company's stock worth $3,023,000 after acquiring an additional 4,909 shares during the last quarter. Lake Street Advisors Group LLC purchased a new position in Otis Worldwide in the first quarter worth approximately $255,000. Natixis acquired a new position in Otis Worldwide during the 1st quarter worth approximately $3,722,000. Finally, CreativeOne Wealth LLC purchased a new stake in shares of Otis Worldwide in the 1st quarter valued at approximately $288,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of analyst reports. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an "equal weight" rating and a $97.00 target price for the company. 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. Wells Fargo & Company dropped their price target 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. 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 report on Thursday, October 31st. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide currently has an average rating of "Hold" and an average target price of $104.57.

Otis Worldwide Stock Down 0.6 %

Shares of Otis Worldwide stock opened at $99.67 on Thursday. The firm has a market cap of $39.81 billion, a price-to-earnings ratio of 24.86 and a beta of 1.04. Otis Worldwide Co. has a 52-week low of $83.99 and a 52-week high of $106.33. The company's 50-day simple moving average is $100.90 and its 200-day simple moving average is $97.49.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts' consensus estimates 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 business's revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the company earned $0.95 earnings per share. Equities research analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be given a $0.39 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.57%. Otis Worldwide's dividend payout ratio is presently 38.90%.

Insider Activity at Otis Worldwide

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 sale, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.23% of the stock is owned by corporate 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.