Aptus Capital Advisors LLC Boosts Stake in Otis Worldwide Co. (NYSE:OTIS)

Aptus Capital Advisors LLC raised its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 30.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,645 shares of the company’s stock after acquiring an additional 1,073 shares during the period. Aptus Capital Advisors LLC’s holdings in Otis Worldwide were worth $483,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. First Eagle Investment Management LLC grew its holdings in Otis Worldwide by 173.7% in the 1st quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock worth $1,990,000 after buying an additional 12,722 shares in the last quarter. Appian Way Asset Management LP acquired a new stake in shares of Otis Worldwide during the 2nd quarter valued at $991,000. Cetera Investment Advisers lifted its position in shares of Otis Worldwide by 259.1% during the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after acquiring an additional 33,457 shares during the last quarter. Natixis purchased a new stake in shares of Otis Worldwide in the first quarter valued at $3,722,000. Finally, Blair William & Co. IL lifted its holdings in shares of Otis Worldwide by 64.7% in the second quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock valued at $2,363,000 after purchasing an additional 9,643 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.23% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. UBS Group assumed coverage on shares of Otis Worldwide in a research note on Wednesday. They issued a “neutral” rating and a $113.00 price target on the stock. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Barclays lowered their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $104.57.

Otis Worldwide Trading Down 0.2 %

NYSE OTIS opened at $99.10 on Friday. The firm has a market cap of $39.59 billion, a price-to-earnings ratio of 24.71 and a beta of 1.04. The company has a 50 day moving average of $100.41 and a 200-day moving average of $97.27. Otis Worldwide Co. has a 1-year low of $83.21 and a 1-year high of $106.33.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, October 30th. The company reported $0.96 EPS 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%. Otis Worldwide’s revenue was up .7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.95 EPS. On average, 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 disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be given a $0.39 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.57%. Otis Worldwide’s dividend 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.