Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Public Sector Pension Investment Board

Public Sector Pension Investment Board lessened its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 91.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,971 shares of the company's stock after selling 181,900 shares during the period. Public Sector Pension Investment Board's holdings in Otis Worldwide were worth $1,764,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OTIS. Riverview Trust Co acquired a new stake in shares of Otis Worldwide in the 3rd quarter valued at approximately $25,000. Meeder Asset Management Inc. lifted its stake in shares of Otis Worldwide by 264.9% in the second 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 stake in Otis Worldwide during the third quarter worth about $28,000. Ashton Thomas Securities LLC acquired a new stake in shares of Otis Worldwide during the 3rd quarter valued at approximately $29,000. Finally, Cranbrook Wealth Management LLC grew its holdings 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 worth $28,000 after acquiring an additional 250 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Up 0.7 %

Shares of NYSE:OTIS traded up $0.66 during midday trading on Friday, reaching $99.78. The company's stock had a trading volume of 1,475,693 shares, compared to its average volume of 2,087,925. The firm has a market cap of $39.86 billion, a price-to-earnings ratio of 24.72 and a beta of 1.04. The business has a 50 day moving average price of $102.00 and a 200 day moving average price of $97.91. Otis Worldwide Co. has a 1 year low of $85.42 and a 1 year high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to analysts' expectations of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm's quarterly revenue was up .7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.95 EPS. Sell-side analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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

Insiders Place Their Bets

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred on 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of research analyst reports. Barclays downgraded Otis Worldwide from an "equal weight" rating to an "underweight" rating and set a $94.00 target price on the stock. in a research report on Thursday. UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 target price for the company. Morgan Stanley began coverage on Otis Worldwide in a research report on Friday, September 6th. They set an "equal weight" rating and a $97.00 price objective for the company. Royal Bank of Canada restated an "outperform" rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Wells Fargo & Company decreased their price objective on 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. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average 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.