Geode Capital Management LLC Increases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Geode Capital Management LLC grew its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,031,700 shares of the company's stock after acquiring an additional 152,072 shares during the quarter. Geode Capital Management LLC owned about 2.76% of Otis Worldwide worth $1,146,045,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of OTIS. Foyston Gordon & Payne Inc grew its stake in Otis Worldwide by 1.3% during the 3rd quarter. Foyston Gordon & Payne Inc now owns 55,938 shares of the company's stock valued at $5,814,000 after purchasing an additional 744 shares during the last quarter. Savoie Capital LLC acquired a new stake in shares of Otis Worldwide during the third quarter worth about $210,000. Resources Management Corp CT ADV boosted its position in Otis Worldwide by 354.0% in the third quarter. Resources Management Corp CT ADV now owns 1,480 shares of the company's stock valued at $154,000 after buying an additional 1,154 shares during the last quarter. M&T Bank Corp increased its holdings in Otis Worldwide by 11.2% in the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company's stock worth $19,123,000 after buying an additional 18,536 shares during the period. Finally, Groupama Asset Managment raised its position in Otis Worldwide by 1.4% during the 3rd quarter. Groupama Asset Managment now owns 9,428 shares of the company's stock worth $980,000 after buying an additional 132 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on OTIS. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 31st. Wolfe Research downgraded Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, October 8th. Barclays cut Otis Worldwide from an "equal weight" rating to an "underweight" rating and set a $94.00 price objective for the company. in a report on Thursday, December 5th. Royal Bank of Canada restated an "outperform" rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Morgan Stanley assumed coverage on Otis Worldwide in a research report on Friday, September 6th. They set an "equal weight" rating and a $97.00 price target for the company. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $104.57.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the company's stock in a transaction dated Thursday, November 7th. The shares were 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 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 owned by corporate insiders.

Otis Worldwide Trading Down 1.1 %

OTIS traded down $1.10 during trading on Wednesday, hitting $98.96. The company's stock had a trading volume of 1,587,183 shares, compared to its average volume of 2,084,170. The firm has a market capitalization of $39.53 billion, a price-to-earnings ratio of 24.95 and a beta of 1.04. The business's fifty day simple moving average is $101.77 and its 200 day simple moving average is $97.97. Otis Worldwide Co. has a twelve month low of $85.42 and a twelve 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 analysts' consensus estimates of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the prior year, the company posted $0.95 earnings per share. The business's revenue was up .7% on a year-over-year basis. As a group, equities research analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.58%. The ex-dividend date was Friday, November 15th. Otis Worldwide's payout ratio is 38.90%.

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.