Los Angeles Capital Management LLC Sells 1,255,848 Shares of Otis Worldwide Co. (NYSE:OTIS)

Los Angeles Capital Management LLC lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 58.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 902,514 shares of the company’s stock after selling 1,255,848 shares during the period. Los Angeles Capital Management LLC owned approximately 0.23% of Otis Worldwide worth $93,807,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. PineStone Asset Management Inc. lifted its stake 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 acquiring an additional 2,590,780 shares in the last quarter. Van ECK Associates Corp lifted its stake 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 acquiring an additional 2,201,988 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake 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 acquiring an additional 907,972 shares in the last quarter. Sarasin & Partners LLP lifted its stake 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 acquiring an additional 883,659 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its stake in 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 acquiring an additional 786,897 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.9 %

Shares of OTIS stock traded down $0.91 during trading on Friday, reaching $100.03. 2,688,975 shares of the company’s stock were exchanged, compared to its average volume of 2,073,167. The stock has a market capitalization of $39.96 billion, a PE ratio of 24.95 and a beta of 1.04. Otis Worldwide Co. has a twelve month low of $80.49 and a twelve month high of $106.33. The firm’s fifty day moving average price is $99.76 and its 200-day moving average price is $97.05.

Otis Worldwide (NYSE:OTIS) 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 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.95 earnings per share. As a group, analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm 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 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s payout ratio is presently 38.90%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s 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 transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on OTIS shares. Wells Fargo & Company cut their target price 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. Barclays dropped their price objective on 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. Morgan Stanley started coverage on Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $102.00.

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.