Fisher Asset Management LLC Sells 176,261 Shares of Otis Worldwide Co. (NYSE:OTIS)

Fisher Asset Management LLC lowered its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 16.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 923,238 shares of the company's stock after selling 176,261 shares during the quarter. Fisher Asset Management LLC owned approximately 0.23% of Otis Worldwide worth $95,961,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA boosted its stake in shares of Otis Worldwide by 12.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company's stock worth $793,945,000 after acquiring an additional 907,972 shares in the last quarter. PineStone Asset Management Inc. lifted its position in shares of Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company's stock worth $429,717,000 after purchasing an additional 2,590,780 shares during the last quarter. Sarasin & Partners LLP lifted 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 worth $398,061,000 after purchasing an additional 883,659 shares during the last quarter. Legal & General Group Plc lifted its position 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 purchasing an additional 15,021 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Otis Worldwide by 4.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,523,091 shares of the company's stock worth $242,873,000 after purchasing an additional 101,955 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Down 0.5 %

Otis Worldwide stock traded down $0.50 during mid-day trading on Tuesday, hitting $101.96. 1,179,802 shares of the company's stock were exchanged, compared to its average volume of 2,108,490. The firm has a market capitalization of $40.73 billion, a P/E ratio of 25.43 and a beta of 1.04. Otis Worldwide Co. has a fifty-two week low of $83.99 and a fifty-two week high of $106.33. The company's 50 day simple moving average is $101.46 and its 200-day simple moving average is $97.69.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results 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). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same period in the prior year, the business earned $0.95 EPS. The business's revenue for the quarter was up .7% compared to the same quarter last year. Research analysts expect that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide's payout ratio is currently 38.90%.

Insider Transactions at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

OTIS has been the subject of several recent research reports. Morgan Stanley initiated coverage on Otis Worldwide in a report on Friday, September 6th. They issued an "equal weight" rating and a $97.00 price target for the company. Barclays cut their price target 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. Wolfe Research cut Otis Worldwide from an "outperform" rating to a "peer perform" rating in a report on Tuesday, October 8th. UBS Group initiated coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price target for the company. Finally, Wells Fargo & Company dropped their target price on Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating for the company in a report on Thursday, October 31st. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $104.57.

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.