Quest Partners LLC Has $643,000 Holdings in Otis Worldwide Co. (NYSE:OTIS)

Quest Partners LLC decreased its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 46.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,187 shares of the company's stock after selling 5,384 shares during the quarter. Quest Partners LLC's holdings in Otis Worldwide were worth $643,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Acadian Asset Management LLC increased its stake in shares of Otis Worldwide by 322.0% during the 1st quarter. Acadian Asset Management LLC now owns 6,798 shares of the company's stock worth $673,000 after purchasing an additional 5,187 shares during the last quarter. CreativeOne Wealth LLC acquired a new position in shares of Otis Worldwide during the 1st quarter worth $288,000. Axxcess Wealth Management LLC increased its stake in shares of Otis Worldwide by 92.2% during the 1st quarter. Axxcess Wealth Management LLC now owns 7,960 shares of the company's stock worth $790,000 after purchasing an additional 3,818 shares during the last quarter. Advisors Asset Management Inc. increased its stake in shares of Otis Worldwide by 31.6% during the 1st quarter. Advisors Asset Management Inc. now owns 8,048 shares of the company's stock worth $799,000 after purchasing an additional 1,934 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in shares of Otis Worldwide by 65.0% during the 1st quarter. Canada Pension Plan Investment Board now owns 253,379 shares of the company's stock worth $25,153,000 after purchasing an additional 99,799 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS traded up $1.25 during midday trading on Friday, reaching $101.20. 1,819,992 shares of the company's stock were exchanged, compared to its average volume of 2,160,758. The company's 50 day simple moving average is $101.19 and its two-hundred day simple moving average is $97.57. The firm has a market capitalization of $40.43 billion, a PE ratio of 25.24 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.

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

Otis Worldwide Announces Dividend

The company 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 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide's dividend payout ratio is currently 38.90%.

Analysts Set New Price Targets

A number of research firms recently issued reports on OTIS. Wells Fargo & Company lowered their target price on shares of 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. Wolfe Research lowered shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, October 8th. Morgan Stanley began coverage on shares of 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. UBS Group began coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 target price on the stock. Finally, Barclays reduced their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating for the company in a report on Thursday, October 31st. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $104.57.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated 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 transaction, the executive vice president now directly owns 9,992 shares of the company's stock, 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 SEC, which is available at this hyperlink. 0.23% of the stock is currently owned by insiders.

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.