Lifeworks Advisors LLC Boosts Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Lifeworks Advisors LLC grew its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 16.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 44,005 shares of the company's stock after purchasing an additional 6,152 shares during the period. Lifeworks Advisors LLC's holdings in Otis Worldwide were worth $4,574,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Hancock Whitney Corp raised its holdings in Otis Worldwide by 4.6% in the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company's stock valued at $253,000 after buying an additional 111 shares during the last quarter. Bleakley Financial Group LLC raised its position in Otis Worldwide by 1.2% during the 1st quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company's stock worth $965,000 after purchasing an additional 117 shares during the last quarter. Optas LLC lifted its holdings in Otis Worldwide by 2.2% during the 3rd quarter. Optas LLC now owns 5,522 shares of the company's stock worth $574,000 after buying an additional 118 shares during the period. Brighton Jones LLC grew its position in shares of Otis Worldwide by 5.0% in the 2nd quarter. Brighton Jones LLC now owns 2,580 shares of the company's stock valued at $248,000 after buying an additional 124 shares during the last quarter. Finally, Park Avenue Securities LLC increased its stake in shares of Otis Worldwide by 0.9% in the second quarter. Park Avenue Securities LLC now owns 14,931 shares of the company's stock valued at $1,437,000 after buying an additional 127 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Insider Activity at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president now directly 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 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 company insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on OTIS. 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 report on Thursday, October 31st. Wolfe Research cut shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, October 8th. UBS Group initiated coverage on Otis Worldwide in a research report on Wednesday. They issued a "neutral" rating and a $113.00 price objective for the company. Barclays decreased their target price on Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating for the company in a research note on Thursday, October 31st. Finally, Morgan Stanley assumed 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 objective for the company. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $104.57.

Otis Worldwide Trading Down 0.7 %

Otis Worldwide stock traded down $0.67 during trading on Thursday, hitting $99.72. 1,980,209 shares of the company were exchanged, compared to its average volume of 2,115,934. The business's 50 day moving average is $100.11 and its 200 day moving average is $97.21. Otis Worldwide Co. has a 52 week low of $83.21 and a 52 week high of $106.33. The company has a market capitalization of $39.83 billion, a P/E ratio of 24.87 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 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm had revenue of $3.55 billion during the quarter, compared to analysts' expectations of $3.59 billion. During the same quarter in the prior year, the company earned $0.95 EPS. The business's revenue for the quarter was up .7% on a year-over-year basis. Equities analysts expect that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Dividend Announcement

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

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.