PineStone Asset Management Inc. Trims Position in Otis Worldwide Co. (NYSE:OTIS)

PineStone Asset Management Inc. lessened its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 35.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,881,097 shares of the company's stock after selling 1,583,034 shares during the period. Otis Worldwide makes up about 2.9% of PineStone Asset Management Inc.'s holdings, making the stock its 14th biggest position. PineStone Asset Management Inc. owned 0.72% of Otis Worldwide worth $299,461,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of OTIS. Massachusetts Financial Services Co. MA increased its position in shares of Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company's stock worth $793,945,000 after purchasing an additional 907,972 shares during the last quarter. Sarasin & Partners LLP raised its position in shares of Otis Worldwide by 27.2% during the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company's stock valued at $398,061,000 after buying an additional 883,659 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Otis Worldwide by 0.4% during the 2nd quarter. Legal & General Group Plc now owns 3,660,401 shares of the company's stock worth $352,351,000 after acquiring an additional 15,021 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Otis Worldwide by 4.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company's stock worth $316,782,000 after acquiring an additional 126,684 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake 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. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded up $1.24 during trading hours on Friday, hitting $99.44. The company's stock had a trading volume of 3,055,493 shares, compared to its average volume of 2,116,631. The business has a 50-day simple moving average of $99.01 and a 200-day simple moving average of $96.87. The stock has a market cap of $39.83 billion, a price-to-earnings ratio of 24.49 and a beta of 1.03. Otis Worldwide Co. has a 12 month low of $77.51 and a 12 month high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data 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). 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%. The business's revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.95 earnings per share. On average, equities research analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.57%. Otis Worldwide's dividend payout ratio is currently 38.90%.

Analyst Ratings Changes

OTIS has been the subject of a number of research reports. Wells Fargo & Company cut their price objective on Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating for the company in a report on Thursday. Wolfe Research cut shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, October 8th. Barclays lowered their price objective on shares of Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating for the company in a report on Thursday. Morgan Stanley began coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They issued an "equal weight" rating and a $97.00 target price on the stock. Finally, Royal Bank of Canada restated an "outperform" rating and set a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of "Hold" and an average price target of $102.00.

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.