Massachusetts Financial Services Co. MA Cuts Holdings in Otis Worldwide Co. (NYSE:OTIS)

Massachusetts Financial Services Co. MA trimmed its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 2.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,043,689 shares of the company's stock after selling 204,229 shares during the quarter. Massachusetts Financial Services Co. MA owned 2.01% of Otis Worldwide worth $836,061,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. PineStone Asset Management Inc. boosted its holdings in Otis Worldwide by 138.3% in the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company's stock valued at $429,717,000 after acquiring an additional 2,590,780 shares during the last quarter. Sarasin & Partners LLP boosted its holdings in Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company's stock valued at $398,061,000 after acquiring an additional 883,659 shares during the last quarter. Legal & General Group Plc boosted its holdings in Otis Worldwide by 0.4% in the second 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. Dimensional Fund Advisors LP boosted its holdings in Otis Worldwide by 4.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,523,091 shares of the company's stock valued at $242,873,000 after acquiring an additional 101,955 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in Otis Worldwide by 3,673.6% in the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company's stock valued at $232,662,000 after buying an additional 2,201,988 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Otis Worldwide Stock Up 1.3 %

Otis Worldwide stock traded up $1.25 during mid-day trading on Friday, reaching $101.20. 1,791,508 shares of the company's stock were exchanged, compared to its average volume of 2,111,686. The business's fifty day simple moving average is $101.19 and its 200 day simple moving average is $97.57. The firm has a market capitalization of $40.43 billion, a PE ratio of 25.24 and a beta of 1.04. Otis Worldwide Co. has a one year low of $83.99 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced 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). 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 analysts' expectations of $3.59 billion. During the same quarter last year, the firm posted $0.95 earnings per share. Otis Worldwide's revenue for the quarter was up .7% compared to the same quarter last year. On average, sell-side analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared 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 of this dividend is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.54%. Otis Worldwide's dividend payout ratio is presently 38.90%.

Analyst Upgrades and Downgrades

OTIS has been the topic of several analyst reports. Royal Bank of Canada reissued an "outperform" rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Wells Fargo & Company cut their target price on 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. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price target on the stock. Wolfe Research lowered Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, October 8th. Finally, Barclays dropped their price target on Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 31st. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $104.57.

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.