Natixis Advisors LLC Sells 9,703 Shares of Otis Worldwide Co. (NYSE:OTIS)

Natixis Advisors LLC cut its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 3.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 257,049 shares of the company's stock after selling 9,703 shares during the quarter. Natixis Advisors LLC owned about 0.06% of Otis Worldwide worth $26,718,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Riverview Trust Co acquired a new stake in Otis Worldwide during the third quarter worth approximately $25,000. Meeder Asset Management Inc. lifted its holdings in 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% in 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 boosted its stake 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 purchasing an additional 250 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new position in Otis Worldwide in the 3rd quarter valued at $28,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Otis Worldwide

In related 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 transaction of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares of the company's stock, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.23% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on OTIS. Barclays reduced their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating for the company in a research report on Thursday, October 31st. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating for the company in a research report on Thursday, October 31st. Royal Bank of Canada reiterated an "outperform" rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Wolfe Research downgraded Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, October 8th. Finally, UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 target price for the company. Eight equities 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, Otis Worldwide currently has a consensus rating of "Hold" and an average price target of $104.57.

Otis Worldwide Price Performance

Shares of OTIS stock traded down $0.24 on Tuesday, reaching $100.53. 864,941 shares of the company were exchanged, compared to its average volume of 2,107,796. The company has a market cap of $40.16 billion, a price-to-earnings ratio of 25.13 and a beta of 1.04. The company has a 50-day moving average of $100.59 and a 200-day moving average of $97.42. Otis Worldwide Co. has a one year low of $83.66 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 business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the previous year, the business posted $0.95 EPS. Otis Worldwide's revenue was up .7% compared to the same quarter last year. As a group, sell-side analysts predict that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Dividend Announcement

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 given a $0.39 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.55%. Otis Worldwide's payout ratio is 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.