Public Employees Retirement System of Ohio Decreases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Public Employees Retirement System of Ohio lessened its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 4.4% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 151,019 shares of the company's stock after selling 6,884 shares during the period. Public Employees Retirement System of Ohio's holdings in Otis Worldwide were worth $15,697,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Riverview Trust Co bought a new stake in Otis Worldwide in the third quarter worth about $25,000. Meeder Asset Management Inc. increased 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 worth $26,000 after purchasing an additional 196 shares during the last quarter. Northwest Investment Counselors LLC bought a new stake in shares of Otis Worldwide in the 3rd quarter worth approximately $28,000. Ashton Thomas Securities LLC purchased a new position in Otis Worldwide in the third quarter valued at approximately $29,000. Finally, Cranbrook Wealth Management LLC grew its holdings in 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 purchasing an additional 250 shares during the period. 88.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

OTIS has been the topic of several research reports. Wells Fargo & Company lowered their target price 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. UBS Group began coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price objective on the stock. Wolfe Research lowered shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, October 8th. Barclays lowered shares of Otis Worldwide from an "equal weight" rating to an "underweight" rating and set a $94.00 price target on the stock. in a research report on Thursday, December 5th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $104.57.

Otis Worldwide Stock Performance

Otis Worldwide stock traded down $1.10 during midday trading on Wednesday, reaching $98.96. 1,587,183 shares of the stock were exchanged, compared to its average volume of 2,084,170. The company's fifty day moving average is $101.77 and its 200-day moving average is $97.97. Otis Worldwide Co. has a 52 week low of $85.42 and a 52 week high of $106.33. The firm has a market cap of $39.53 billion, a PE ratio of 24.95 and a beta of 1.04.

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 analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $3.59 billion. During the same quarter last year, the business posted $0.95 EPS. The company's quarterly revenue was up .7% on a year-over-year basis. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date was Friday, November 15th. Otis Worldwide's dividend payout ratio is currently 38.90%.

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 owns 9,992 shares in the company, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.23% of the company's stock.

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.