Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Copeland Capital Management LLC

Copeland Capital Management LLC cut its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 3.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 168,048 shares of the company's stock after selling 6,897 shares during the period. Copeland Capital Management LLC's holdings in Otis Worldwide were worth $17,467,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the company. Carolina Wealth Advisors LLC purchased a new position in Otis Worldwide in the third quarter worth $53,000. Northwest Investment Counselors LLC purchased a new position in Otis Worldwide during the 3rd quarter valued at about $28,000. Border to Coast Pensions Partnership Ltd increased its holdings in Otis Worldwide by 4.5% during the 3rd quarter. Border to Coast Pensions Partnership Ltd now owns 262,972 shares of the company's stock worth $27,254,000 after acquiring an additional 11,218 shares during the period. Arlington Partners LLC raised its position in shares of Otis Worldwide by 20.3% in the third quarter. Arlington Partners LLC now owns 38,576 shares of the company's stock worth $4,010,000 after buying an additional 6,500 shares in the last quarter. Finally, Cyndeo Wealth Partners LLC boosted its position in shares of Otis Worldwide by 11.6% during the 3rd quarter. Cyndeo Wealth Partners LLC now owns 2,838 shares of the company's stock valued at $295,000 after acquiring an additional 295 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently weighed in on OTIS. Barclays boosted their target price on Otis Worldwide from $90.00 to $96.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 2nd. Wolfe Research downgraded Otis Worldwide from an "outperform" rating to a "peer perform" rating in a report on Tuesday, October 8th. 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 objective on the stock. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Wells Fargo & Company lifted their price objective on Otis Worldwide from $95.00 to $108.00 and gave the company an "equal weight" rating in a research note on Monday, October 7th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $102.71.

Otis Worldwide Stock Down 2.4 %

Shares of NYSE:OTIS traded down $2.56 during trading on Tuesday, hitting $102.96. The stock had a trading volume of 2,329,812 shares, compared to its average volume of 2,113,531. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $106.33. The stock has a 50-day simple moving average of $97.69 and a two-hundred day simple moving average of $96.67. The stock has a market capitalization of $41.63 billion, a price-to-earnings ratio of 29.76 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.03. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. Otis Worldwide's revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.92 EPS. As a group, sell-side analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide's dividend payout ratio (DPR) is 45.09%.

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.