Snider Financial Group Buys 1,931 Shares of Otis Worldwide Co. (NYSE:OTIS)

Snider Financial Group grew its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 11.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,358 shares of the company’s stock after buying an additional 1,931 shares during the period. Snider Financial Group’s holdings in Otis Worldwide were worth $1,908,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Riverview Trust Co bought a new position in Otis Worldwide during the 3rd quarter worth approximately $25,000. Meeder Asset Management Inc. boosted its position in shares of Otis Worldwide by 264.9% during the second 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. Jamison Private Wealth Management Inc. grew its holdings in shares of Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after buying an additional 286 shares during the period. Cranbrook Wealth Management LLC increased its position in shares of Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after buying an additional 250 shares in the last quarter. Finally, Northwest Investment Counselors LLC acquired a new stake in Otis Worldwide during the 3rd quarter worth $28,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred 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 sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on OTIS shares. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Morgan Stanley started coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. UBS Group assumed coverage on shares of Otis Worldwide in a report on Wednesday. They set a “neutral” rating and a $113.00 target price on the stock. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Finally, Barclays dropped their price objective on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus target price of $104.57.

Otis Worldwide Stock Down 0.2 %

Shares of OTIS stock opened at $100.14 on Thursday. Otis Worldwide Co. has a 12 month low of $83.21 and a 12 month high of $106.33. The company’s fifty day simple moving average is $100.11 and its 200-day simple moving average is $97.21. The firm has a market cap of $40.00 billion, a PE ratio of 25.03 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The business had revenue of $3.55 billion for 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 company’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the firm earned $0.95 earnings per share. On average, equities analysts predict that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be paid a $0.39 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.56%. Otis Worldwide’s dividend 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.