UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Grows Position in Otis Worldwide Co. (NYSE:OTIS)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 5.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,285,837 shares of the company's stock after buying an additional 171,573 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.82% of Otis Worldwide worth $341,530,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Riverview Trust Co purchased a new stake in shares of Otis Worldwide in the third quarter worth approximately $25,000. Meeder Asset Management Inc. grew its position in Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company's stock valued at $26,000 after acquiring an additional 196 shares during the last quarter. Northwest Investment Counselors LLC purchased a new stake in Otis Worldwide in the third quarter worth $28,000. Ashton Thomas Securities LLC bought a new stake in shares of Otis Worldwide during the third quarter worth $29,000. Finally, Cranbrook Wealth Management LLC boosted its stake 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 purchasing an additional 250 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OTIS has been the subject of a number of research analyst reports. UBS Group assumed coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price objective for the company. Wells Fargo & Company lowered their price target on Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating for the company in a report on Thursday, October 31st. Morgan Stanley initiated coverage on Otis Worldwide in a report on Friday, September 6th. They set an "equal weight" rating and a $97.00 price objective on the stock. Barclays lowered their target price on Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating for the company in a report on Thursday, October 31st. 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 issued a buy rating to the company's stock. According to data from MarketBeat, Otis Worldwide has a consensus rating of "Hold" and an average target price of $104.57.

Insider Activity

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide 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 completion of the sale, the executive vice president now owns 9,992 shares of the company's stock, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.23% of the company's stock.

Otis Worldwide Trading Up 0.4 %

Shares of NYSE:OTIS traded up $0.46 during trading on Friday, reaching $102.98. The stock had a trading volume of 1,060,619 shares, compared to its average volume of 2,100,773. The firm's 50-day simple moving average is $101.90 and its 200 day simple moving average is $97.80. Otis Worldwide Co. has a one year low of $83.99 and a one year high of $106.33. The company has a market capitalization of $41.14 billion, a P/E ratio of 25.68 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide's revenue was up .7% on a year-over-year basis. During the same quarter last year, the business earned $0.95 earnings per share. Equities research analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.51%. Otis Worldwide's payout ratio is 38.90%.

Otis Worldwide Company 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.