Prospector Partners LLC Raises Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Prospector Partners LLC raised its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 3.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 128,815 shares of the company's stock after buying an additional 4,890 shares during the period. Otis Worldwide comprises about 1.4% of Prospector Partners LLC's holdings, making the stock its 28th largest position. Prospector Partners LLC's holdings in Otis Worldwide were worth $13,389,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in OTIS. Riverview Trust Co purchased a new stake in shares of Otis Worldwide in the third quarter valued at about $25,000. Meeder Asset Management Inc. boosted its stake in shares of Otis Worldwide by 264.9% in 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 during the last quarter. Jamison Private Wealth Management Inc. grew its holdings in shares of Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company's stock valued at $28,000 after acquiring an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC increased its position in shares of Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock valued at $28,000 after acquiring an additional 250 shares during the last quarter. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Otis Worldwide during the third quarter worth $28,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the company's stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares of the company's stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.23% of the stock is owned by company insiders.

Otis Worldwide Trading Down 0.5 %

OTIS stock traded down $0.50 during midday trading on Tuesday, hitting $101.96. The company's stock had a trading volume of 1,179,756 shares, compared to its average volume of 2,108,389. The company has a market cap of $40.73 billion, a PE ratio of 25.56 and a beta of 1.04. Otis Worldwide Co. has a 12 month low of $83.99 and a 12 month high of $106.33. The firm's 50-day moving average is $101.34 and its 200-day moving average is $97.66.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its 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). The company had revenue of $3.55 billion during the quarter, compared to analysts' expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company's revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.95 EPS. Analysts expect that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. 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 price target on the stock. Royal Bank of Canada reissued an "outperform" rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Barclays decreased their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating on the stock in a report on Thursday, October 31st. UBS Group started coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price objective for the company. Finally, Wolfe Research lowered Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, October 8th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Otis Worldwide has an average rating of "Hold" and a consensus target price of $104.57.

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.