Los Angeles Capital Management LLC Has $93.81 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Los Angeles Capital Management LLC trimmed its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 58.2% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 902,514 shares of the company's stock after selling 1,255,848 shares during the period. Los Angeles Capital Management LLC owned 0.23% of Otis Worldwide worth $93,807,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Riverview Trust Co bought a new stake in Otis Worldwide during the third quarter valued at about $25,000. Meeder Asset Management Inc. lifted its position 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 worth $26,000 after purchasing an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. boosted its stake in Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company's stock valued at $28,000 after purchasing an additional 286 shares during the period. Cranbrook Wealth Management LLC grew its holdings in Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock valued at $28,000 after buying an additional 250 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new position in Otis Worldwide in the 3rd quarter worth approximately $28,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on OTIS shares. Wolfe Research cut Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, October 8th. Barclays reduced their price target 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. Wells Fargo & Company dropped their price objective 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. Morgan Stanley began coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an "equal weight" rating and a $97.00 price objective for the company. Finally, Royal Bank of Canada reissued an "outperform" rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $102.00.

Otis Worldwide Stock Down 0.9 %

OTIS traded down $0.91 during midday trading on Friday, reaching $100.03. 2,688,975 shares of the company's stock were exchanged, compared to its average volume of 2,065,386. Otis Worldwide Co. has a one year low of $80.49 and a one year high of $106.33. The firm has a market capitalization of $39.96 billion, a price-to-earnings ratio of 24.95 and a beta of 1.04. The business has a 50-day simple moving average of $99.76 and a two-hundred day simple moving average of $97.08.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly 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 company had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same period in the prior year, the firm earned $0.95 EPS. Otis Worldwide's quarterly revenue was up .7% compared to the same quarter last year. As a group, research analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be given 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 is Friday, November 15th. Otis Worldwide's dividend payout ratio (DPR) is currently 38.90%.

Insider Activity at Otis Worldwide

In other 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 value of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares of the company's stock, valued at $1,009,391.84. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is currently owned by insiders.

About Otis Worldwide

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.