Dai ichi Life Insurance Company Ltd Lowers Holdings in Otis Worldwide Co. (NYSE:OTIS)

Dai ichi Life Insurance Company Ltd trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 85.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,930 shares of the company's stock after selling 23,000 shares during the quarter. Dai ichi Life Insurance Company Ltd's holdings in Otis Worldwide were worth $408,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of OTIS. Riverview Trust Co purchased a new position in shares of Otis Worldwide during the third quarter valued at about $25,000. Meeder Asset Management Inc. grew its stake in shares of Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company's stock valued at $26,000 after purchasing an additional 196 shares during the period. Northwest Investment Counselors LLC purchased a new position in shares of Otis Worldwide during the 3rd quarter valued at about $28,000. Ashton Thomas Securities LLC purchased a new stake in shares of Otis Worldwide in the third quarter worth $29,000. Finally, Cranbrook Wealth Management LLC lifted its holdings in shares of Otis Worldwide by 675.7% in 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 in the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

OTIS traded up $0.46 during trading on Friday, reaching $102.98. 1,060,619 shares of the company's stock were exchanged, compared to its average volume of 2,100,773. The stock has a market capitalization of $41.14 billion, a P/E ratio of 25.57 and a beta of 1.04. Otis Worldwide Co. has a 1 year low of $83.99 and a 1 year high of $106.33. The company's fifty day simple moving average is $101.63 and its 200-day simple moving average is $97.73.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The company had revenue of $3.55 billion during the quarter, compared to analyst estimates 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 quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the firm earned $0.95 EPS. Equities analysts forecast that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.51%. The ex-dividend date is Friday, November 15th. Otis Worldwide's dividend payout ratio (DPR) is 38.90%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Morgan Stanley initiated coverage on shares of 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. UBS Group started coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price objective on the stock. Barclays lowered their target price on Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating for the company in a report on Thursday, October 31st. Wells Fargo & Company cut their price target on Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating on the stock in a report on Thursday, October 31st. Finally, Wolfe Research downgraded shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, October 8th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $104.57.

Insider Buying and Selling

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is currently owned by insiders.

Otis Worldwide 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.