Trivant Custom Portfolio Group LLC Has $1.56 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Trivant Custom Portfolio Group LLC lowered its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 34.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,987 shares of the company's stock after selling 7,930 shares during the period. Trivant Custom Portfolio Group LLC's holdings in Otis Worldwide were worth $1,558,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the stock. Meeder Asset Management Inc. grew 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 acquiring an additional 196 shares during the period. Jamison Private Wealth Management Inc. lifted its stake in Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company's stock valued at $28,000 after buying an additional 286 shares during the period. Cranbrook Wealth Management LLC boosted its holdings in Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock worth $28,000 after buying an additional 250 shares during the last quarter. Hantz Financial Services Inc. acquired a new position in shares of Otis Worldwide during the 2nd quarter worth about $29,000. Finally, LifeSteps Financial Inc. acquired a new stake in shares of Otis Worldwide in the 1st quarter valued at approximately $31,000. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded up $0.26 during trading hours on Friday, reaching $104.56. 1,505,952 shares of the stock were exchanged, compared to its average volume of 2,125,662. The stock's fifty day simple moving average is $95.30 and its 200 day simple moving average is $96.29. The firm has a market capitalization of $41.88 billion, a price-to-earnings ratio of 30.22 and a beta of 1.03. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $105.39.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The business had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.74 billion. During the same quarter in the previous year, the company earned $0.92 EPS. The business's revenue was down 3.2% on a year-over-year basis. Research analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.49%. Otis Worldwide's dividend payout ratio (DPR) is 45.09%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on OTIS shares. Barclays increased their target price on shares of Otis Worldwide from $90.00 to $96.00 and gave the stock an "equal weight" rating in a report on Wednesday. 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. Morgan Stanley initiated 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. Finally, Wells Fargo & Company lowered their target price on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, July 25th. Seven 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, Otis Worldwide has a consensus rating of "Hold" and a consensus price target of $100.86.

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.