Mizuho Securities USA LLC Sells 5,203 Shares of Otis Worldwide Co. (NYSE:OTIS)

Mizuho Securities USA LLC reduced its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 16.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 25,974 shares of the company's stock after selling 5,203 shares during the quarter. Mizuho Securities USA LLC's holdings in Otis Worldwide were worth $2,700,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Hancock Whitney Corp increased its holdings in shares of Otis Worldwide by 4.6% during the first quarter. Hancock Whitney Corp now owns 2,549 shares of the company's stock valued at $253,000 after acquiring an additional 111 shares in the last quarter. Optas LLC boosted its position in shares of Otis Worldwide by 2.2% during the third quarter. Optas LLC now owns 5,522 shares of the company's stock valued at $574,000 after buying an additional 118 shares during the last quarter. Brighton Jones LLC boosted its position in shares of Otis Worldwide by 5.0% during the second 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. Park Avenue Securities LLC boosted its position in shares of Otis Worldwide by 0.9% during 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 last quarter. Finally, Resonant Capital Advisors LLC boosted its position in shares of Otis Worldwide by 4.6% during the second quarter. Resonant Capital Advisors LLC now owns 3,426 shares of the company's stock valued at $330,000 after buying an additional 150 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Wells Fargo & Company cut their price objective on 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. Barclays cut their price objective 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. UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price objective on the stock. Royal Bank of Canada reaffirmed an "outperform" rating and set a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Morgan Stanley began coverage on Otis Worldwide in a research report on Friday, September 6th. They set an "equal weight" rating and a $97.00 price target on the stock. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $104.57.

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 stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares of the company's stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Stock Up 1.3 %

Shares of Otis Worldwide stock traded up $1.25 during trading on Friday, hitting $101.20. 1,819,992 shares of the stock traded hands, compared to its average volume of 2,160,758. The stock has a market cap of $40.43 billion, a price-to-earnings ratio of 25.24 and a beta of 1.04. The firm's fifty day moving average is $101.19 and its 200-day moving average is $97.57. Otis Worldwide Co. has a 52 week low of $83.99 and a 52 week high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide's revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter last year, the company posted $0.95 earnings per share. On average, analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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. This represents a $1.56 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide's dividend payout ratio is presently 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.