Toronto Dominion Bank cut its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 31.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 140,273 shares of the company's stock after selling 65,563 shares during the period. Toronto Dominion Bank's holdings in Otis Worldwide were worth $14,580,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of OTIS. Coldstream Capital Management Inc. grew its holdings in Otis Worldwide by 11.8% during the 3rd quarter. Coldstream Capital Management Inc. now owns 2,580 shares of the company's stock valued at $267,000 after buying an additional 272 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Otis Worldwide by 1.4% in the third quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company's stock valued at $1,146,045,000 after acquiring an additional 152,072 shares during the period. Foyston Gordon & Payne Inc grew its stake in Otis Worldwide by 1.3% during the third quarter. Foyston Gordon & Payne Inc now owns 55,938 shares of the company's stock valued at $5,814,000 after acquiring an additional 744 shares in the last quarter. Savoie Capital LLC bought a new stake in Otis Worldwide during the 3rd quarter worth approximately $210,000. Finally, Resources Management Corp CT ADV lifted its stake in Otis Worldwide by 354.0% in the 3rd quarter. Resources Management Corp CT ADV now owns 1,480 shares of the company's stock worth $154,000 after purchasing an additional 1,154 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
OTIS has been the subject of a number of recent analyst reports. Wells Fargo & Company reduced their price target on shares of 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. UBS Group began coverage on 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 initiated coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an "equal weight" rating and a $97.00 target price on the stock. Barclays downgraded Otis Worldwide from an "equal weight" rating to an "underweight" rating and set a $94.00 price target for the company. in a research report on Thursday, December 5th. Finally, Royal Bank of Canada reissued an "outperform" rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $104.50.
Check Out Our Latest Analysis on OTIS
Insider Activity
In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction 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 transaction, the executive vice president now directly owns 9,992 shares of the company's stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.23% of the company's stock.
Otis Worldwide Stock Down 0.5 %
Shares of NYSE OTIS traded down $0.48 during trading hours on Friday, reaching $97.79. 1,471,427 shares of the stock traded hands, compared to its average volume of 2,080,366. The company's 50-day simple moving average is $101.40 and its two-hundred day simple moving average is $98.00. The company has a market capitalization of $39.06 billion, a P/E ratio of 24.39 and a beta of 1.04. Otis Worldwide Co. has a 52-week low of $85.42 and a 52-week 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). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business had revenue of $3.55 billion for the quarter, compared to analysts' expectations of $3.59 billion. During the same period last year, the business posted $0.95 earnings per share. The company's revenue was up .7% compared to the same quarter last year. As a group, sell-side analysts forecast that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.
Otis Worldwide Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were given a dividend of $0.39 per share. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.60%. Otis Worldwide's payout ratio is 38.90%.
Otis Worldwide Company Profile
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Free Report)
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.
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