Kovitz Investment Group Partners LLC Has $2.92 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Kovitz Investment Group Partners LLC grew its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 40.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,114 shares of the company's stock after acquiring an additional 8,093 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Otis Worldwide were worth $2,922,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Massachusetts Financial Services Co. MA lifted its stake in shares of Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company's stock worth $793,945,000 after purchasing an additional 907,972 shares in the last quarter. Sarasin & Partners LLP grew its position in shares of Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company's stock worth $398,061,000 after buying an additional 883,659 shares in the last quarter. Wellington Management Group LLP increased 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 buying an additional 391,206 shares during the last quarter. Legal & General Group Plc boosted its stake in Otis Worldwide by 0.4% during the 2nd quarter. Legal & General Group Plc now owns 3,660,401 shares of the company's stock valued at $352,351,000 after acquiring an additional 15,021 shares during the last quarter. Finally, FMR LLC increased its position in shares of Otis Worldwide by 2.9% in the 3rd quarter. FMR LLC now owns 3,536,108 shares of the company's stock worth $367,543,000 after purchasing an additional 101,278 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares in the company, 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 at the SEC website. 0.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently commented on OTIS. Barclays downgraded Otis Worldwide from an "equal weight" rating to an "underweight" rating and set a $94.00 price target for the company. in a research note on Thursday, December 5th. Morgan Stanley began coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an "equal weight" rating and a $97.00 price target on the stock. Royal Bank of Canada reissued an "outperform" rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. UBS Group started coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a "neutral" rating and a $113.00 target price on the stock. Finally, Wells Fargo & Company decreased their price target on Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating for the company in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $104.57.

Otis Worldwide Trading Down 0.8 %

Shares of Otis Worldwide stock traded down $0.81 on Tuesday, reaching $100.06. 1,914,997 shares of the company were exchanged, compared to its average volume of 2,086,259. Otis Worldwide Co. has a fifty-two week low of $85.42 and a fifty-two week high of $106.33. The firm has a market capitalization of $39.97 billion, a price-to-earnings ratio of 25.16 and a beta of 1.04. The stock has a fifty day moving average price of $101.85 and a 200-day moving average price of $97.95.

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 the consensus estimate 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 net margin of 11.48% and a negative return on equity of 31.28%. The firm's quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.95 earnings per share. On average, equities analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were given a $0.39 dividend. 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 dividend 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.