125,333 Shares in Otis Worldwide Co. (NYSE:OTIS) Acquired by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd bought a new stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 125,333 shares of the company's stock, valued at approximately $13,027,000. Otis Worldwide makes up 0.8% of Y Intercept Hong Kong Ltd's holdings, making the stock its 8th biggest position.

Several other large investors also recently added to or reduced their stakes in OTIS. PineStone Asset Management Inc. grew its holdings in Otis Worldwide by 138.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company's stock valued at $429,717,000 after buying an additional 2,590,780 shares in the last quarter. Van ECK Associates Corp grew its holdings in Otis Worldwide by 3,673.6% in the 3rd quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company's stock valued at $232,662,000 after buying an additional 2,201,988 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Otis Worldwide by 12.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company's stock valued at $793,945,000 after buying an additional 907,972 shares in the last quarter. Sarasin & Partners LLP grew its holdings in Otis Worldwide by 27.2% in the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company's stock valued at $398,061,000 after buying an additional 883,659 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its stake in shares of Otis Worldwide by 2,782.3% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company's stock valued at $78,469,000 after purchasing an additional 786,897 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on OTIS. UBS Group began coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price target on the stock. Barclays lowered Otis Worldwide from an "equal weight" rating to an "underweight" rating and set a $94.00 price target on the stock. in a research note on Thursday. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Wells Fargo & Company decreased their price target on 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. Finally, Morgan Stanley assumed coverage on Otis Worldwide in a research note on Friday, September 6th. They set an "equal weight" rating and a $97.00 target price on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $104.57.

Otis Worldwide Stock Performance

OTIS stock traded up $1.10 during mid-day trading on Monday, reaching $100.90. The company had a trading volume of 1,864,516 shares, compared to its average volume of 2,086,981. The company has a market capitalization of $40.31 billion, a price-to-earnings ratio of 25.16 and a beta of 1.04. The firm has a fifty day simple moving average of $101.91 and a 200 day simple moving average of $97.92. Otis Worldwide Co. has a fifty-two week low of $85.42 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly 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 company 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 for the quarter was up .7% on a year-over-year basis. During the same period in the prior year, the business earned $0.95 EPS. As a group, analysts predict that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were issued a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.55%. Otis Worldwide's 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.