Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Wilmington Savings Fund Society FSB

Wilmington Savings Fund Society FSB raised its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 297.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,329 shares of the company's stock after acquiring an additional 9,979 shares during the period. Wilmington Savings Fund Society FSB's holdings in Otis Worldwide were worth $1,385,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of OTIS. Riverview Trust Co acquired a new stake in Otis Worldwide during the third quarter worth about $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 buying an additional 196 shares in the last quarter. Cranbrook Wealth Management LLC boosted its stake in shares of 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 buying an additional 250 shares during the period. Northwest Investment Counselors LLC purchased a new position in Otis Worldwide in the third quarter valued at $28,000. Finally, Hantz Financial Services Inc. purchased a new stake in shares of Otis Worldwide during the 2nd quarter worth approximately $29,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on OTIS shares. Royal Bank of Canada restated an "outperform" rating and set a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. UBS Group began coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price target on the stock. Wells Fargo & Company decreased their target price on 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. Wolfe Research cut shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target on the stock. in a report on Thursday. Finally, Morgan Stanley initiated coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an "equal weight" rating and a $97.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $104.50.

Otis Worldwide Trading Down 0.5 %

NYSE:OTIS traded down $0.48 on Friday, hitting $97.79. The company's stock had a trading volume of 1,471,427 shares, compared to its average volume of 2,080,366. Otis Worldwide Co. has a one year low of $85.42 and a one year high of $106.33. The firm has a market capitalization of $39.06 billion, a P/E ratio of 24.39 and a beta of 1.04. The stock has a fifty day moving average of $101.40 and a two-hundred day moving average of $98.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results 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 net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the previous year, the business posted $0.95 earnings per share. The company's revenue for the quarter was up .7% on a year-over-year basis. As a group, sell-side analysts anticipate that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide's dividend payout ratio is currently 38.90%.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide 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 sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.23% of the company's stock.

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.