Vinva Investment Management Ltd Lowers Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Vinva Investment Management Ltd trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 58.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 12,701 shares of the company's stock after selling 17,783 shares during the period. Vinva Investment Management Ltd's holdings in Otis Worldwide were worth $1,326,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in OTIS. Janus Henderson Group PLC lifted its holdings in shares of Otis Worldwide by 4.2% during the first quarter. Janus Henderson Group PLC now owns 89,135 shares of the company's stock valued at $8,848,000 after purchasing an additional 3,590 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its position in shares of Otis Worldwide by 15.3% during the first quarter. B. Riley Wealth Advisors Inc. now owns 8,045 shares of the company's stock valued at $799,000 after acquiring an additional 1,068 shares in the last quarter. Hancock Whitney Corp increased its position in shares of Otis Worldwide by 4.6% during the first quarter. Hancock Whitney Corp now owns 2,549 shares of the company's stock valued at $253,000 after acquiring an additional 111 shares in the last quarter. Cetera Investment Advisers grew its position in Otis Worldwide by 259.1% in the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company's stock worth $4,603,000 after purchasing an additional 33,457 shares during the period. Finally, Cetera Advisors LLC grew its position in Otis Worldwide by 41.3% in the 1st quarter. Cetera Advisors LLC now owns 18,463 shares of the company's stock worth $1,833,000 after purchasing an additional 5,395 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company's stock in a transaction dated 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 directly owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.23% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on OTIS shares. UBS Group started coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 target price for the company. Wolfe Research cut shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, October 8th. 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. Barclays dropped their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 31st. Finally, Wells Fargo & Company dropped their price target 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. 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 an average rating of "Hold" and a consensus target price of $104.57.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded up $0.46 during trading hours on Friday, reaching $102.98. The company's stock had a trading volume of 1,060,619 shares, compared to its average volume of 2,100,773. The firm has a 50 day moving average price of $101.90 and a 200-day moving average price of $97.80. Otis Worldwide Co. has a one year low of $83.99 and a one year high of $106.33. The stock has a market cap 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 posted its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts' consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion during 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%. The business's quarterly revenue was up .7% on a year-over-year basis. During the same quarter last year, the firm earned $0.95 earnings per share. As a group, sell-side analysts forecast that Otis Worldwide Co. will post 3.85 EPS for the current fiscal 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a 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.