Sawgrass Asset Management LLC Has $8.99 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

Sawgrass Asset Management LLC lifted its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 40.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 86,505 shares of the company's stock after purchasing an additional 25,112 shares during the quarter. Sawgrass Asset Management LLC's holdings in Otis Worldwide were worth $8,991,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of OTIS. Riverview Trust Co bought a new position in shares of Otis Worldwide in the third quarter valued at $25,000. Meeder Asset Management Inc. grew its position 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 in the last quarter. Northwest Investment Counselors LLC acquired a new stake in shares of Otis Worldwide during the third quarter worth $28,000. Ashton Thomas Securities LLC bought a new position in shares of Otis Worldwide during the third quarter valued at about $29,000. Finally, Cranbrook Wealth Management LLC grew its stake 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 acquiring an additional 250 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business's stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was 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. Insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on OTIS. UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday. They issued a "neutral" rating and a $113.00 price objective on the stock. Wells Fargo & Company cut their price objective on 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. Morgan Stanley assumed coverage on Otis Worldwide in a research report on Friday, September 6th. They set an "equal weight" rating and a $97.00 target price on the stock. Wolfe Research downgraded Otis Worldwide from an "outperform" rating to a "peer perform" rating in a report on Tuesday, October 8th. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $104.57.

Otis Worldwide Price Performance

OTIS stock traded down $0.23 on Friday, reaching $99.10. 1,855,225 shares of the company traded hands, compared to its average volume of 2,051,125. The company has a market cap of $39.59 billion, a P/E ratio of 24.71 and a beta of 1.04. The firm has a fifty day simple moving average of $100.41 and a 200-day simple moving average of $97.31. Otis Worldwide Co. has a one year low of $83.21 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results 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). The firm 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 revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.95 EPS. On average, sell-side analysts forecast that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide's dividend payout ratio is currently 38.90%.

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.