Otis Worldwide Co. (NYSE:OTIS) Holdings Decreased by KBC Group NV

KBC Group NV cut its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 3.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 323,890 shares of the company's stock after selling 12,854 shares during the quarter. KBC Group NV owned approximately 0.08% of Otis Worldwide worth $33,666,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Riverview Trust Co purchased a new stake in Otis Worldwide during the 3rd quarter valued at $25,000. Meeder Asset Management Inc. boosted its holdings in shares of Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company's stock valued at $26,000 after acquiring an additional 196 shares during the last quarter. Northwest Investment Counselors LLC purchased a new stake in shares of Otis Worldwide during the 3rd quarter valued at about $28,000. Ashton Thomas Securities LLC purchased a new stake in shares of Otis Worldwide during the 3rd quarter valued at about $29,000. Finally, Cranbrook Wealth Management LLC boosted its holdings in shares of Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock worth $28,000 after buying an additional 250 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.23% of the company's stock.

Otis Worldwide Stock Performance

NYSE OTIS traded down $0.23 on Friday, reaching $99.10. The stock had a trading volume of 1,853,528 shares, compared to its average volume of 2,114,761. Otis Worldwide Co. has a 12-month low of $83.21 and a 12-month high of $106.33. The business's 50-day moving average price is $100.26 and its 200 day moving average price is $97.23. The stock has a market cap of $39.59 billion, a P/E ratio of 24.87 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data 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). The business had revenue of $3.55 billion during the quarter, compared to analysts' expectations 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 was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.95 EPS. On average, sell-side analysts predict that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business 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. 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 payout ratio is currently 38.90%.

Analyst Upgrades and Downgrades

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