Natixis Advisors LLC Sells 9,703 Shares of Otis Worldwide Co. (NYSE:OTIS)

Natixis Advisors LLC trimmed its stake in Otis Worldwide Co. (NYSE:OTIS) by 3.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 257,049 shares of the company’s stock after selling 9,703 shares during the period. Natixis Advisors LLC owned 0.06% of Otis Worldwide worth $26,718,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Riverview Trust Co acquired a new stake in Otis Worldwide in the third quarter valued at approximately $25,000. Meeder Asset Management Inc. boosted its position in shares of Otis Worldwide by 264.9% in the 2nd 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 stake in Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after buying an additional 286 shares during the last quarter. Cranbrook Wealth Management LLC increased its position in Otis Worldwide by 675.7% during 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 purchased a new stake in Otis Worldwide in the third quarter valued at about $28,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on OTIS shares. Morgan Stanley initiated coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. 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. Finally, Wells Fargo & Company dropped 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. Eight research 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.com, Otis Worldwide presently has an average rating of “Hold” and a consensus price target of $104.57.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $100.77 on Tuesday. The stock’s 50-day simple moving average is $100.59 and its 200-day simple moving average is $97.42. The firm has a market capitalization of $40.25 billion, a PE ratio of 25.13 and a beta of 1.04. Otis Worldwide Co. has a fifty-two week low of $83.66 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its 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 company had revenue of $3.55 billion for the quarter, compared to analyst estimates 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 revenue was up .7% on a year-over-year basis. During the same period last year, the business earned $0.95 earnings per share. Sell-side analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently announced 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. This represents a $1.56 annualized dividend and a yield of 1.55%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is 38.90%.

Insider Buying and Selling

In other Otis Worldwide 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 transaction 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is owned by corporate insiders.

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.