Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Victory Capital Management Inc.

Victory Capital Management Inc. boosted its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 30.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 685,347 shares of the company's stock after acquiring an additional 158,010 shares during the period. Victory Capital Management Inc. owned 0.17% of Otis Worldwide worth $71,235,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Empowered Funds LLC raised its holdings in Otis Worldwide by 43.6% in the 1st quarter. Empowered Funds LLC now owns 6,205 shares of the company's stock worth $616,000 after purchasing an additional 1,884 shares in the last quarter. ProShare Advisors LLC increased its stake in Otis Worldwide by 15.3% during the 1st quarter. ProShare Advisors LLC now owns 67,586 shares of the company's stock valued at $6,709,000 after purchasing an additional 8,969 shares in the last quarter. First Eagle Investment Management LLC raised its holdings in Otis Worldwide by 173.7% in the first quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company's stock worth $1,990,000 after buying an additional 12,722 shares during the last quarter. Kingsview Wealth Management LLC lifted its stake in shares of Otis Worldwide by 8.1% in the first quarter. Kingsview Wealth Management LLC now owns 6,099 shares of the company's stock worth $605,000 after buying an additional 455 shares in the last quarter. Finally, HBK Sorce Advisory LLC grew its holdings in shares of Otis Worldwide by 21.2% during the first quarter. HBK Sorce Advisory LLC now owns 4,552 shares of the company's stock valued at $452,000 after buying an additional 796 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on OTIS. Barclays lowered their price objective on Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 31st. Royal Bank of Canada reiterated an "outperform" rating and set a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. 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. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday. They issued a "neutral" rating and a $113.00 price objective on the stock. Finally, Wolfe Research downgraded 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 stock. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of "Hold" and a consensus target price of $104.57.

Insider Activity

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on 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 directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.23% of the company's stock.

Otis Worldwide Stock Down 0.6 %

NYSE:OTIS traded down $0.59 during midday trading on Friday, hitting $98.74. The stock had a trading volume of 666,873 shares, compared to its average volume of 2,109,156. The stock has a 50-day moving average of $100.26 and a 200 day moving average of $97.23. The company has a market capitalization of $39.44 billion, a price-to-earnings ratio of 24.87 and a beta of 1.04. 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 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). The firm 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 firm's quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.95 EPS. 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 firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.58%. Otis Worldwide's dividend payout ratio is presently 38.90%.

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.