Montecito Bank & Trust Acquires Shares of 2,777 Otis Worldwide Co. (NYSE:OTIS)

Montecito Bank & Trust acquired a new stake in Otis Worldwide Co. (NYSE:OTIS) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 2,777 shares of the company’s stock, valued at approximately $289,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. First Eagle Investment Management LLC grew its position in shares of Otis Worldwide by 173.7% during 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 during the period. Appian Way Asset Management LP acquired a new stake in shares of Otis Worldwide during the 2nd quarter worth approximately $991,000. Cetera Investment Advisers grew 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 worth $4,603,000 after buying an additional 33,457 shares during the period. SG Americas Securities LLC grew its position in shares of Otis Worldwide by 37.5% during the 1st quarter. SG Americas Securities LLC now owns 159,478 shares of the company’s stock worth $15,831,000 after buying an additional 43,485 shares during the period. Finally, Natixis acquired a new stake in shares of Otis Worldwide during the 1st quarter worth approximately $3,722,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of OTIS opened at $100.93 on Friday. Otis Worldwide Co. has a twelve month low of $79.73 and a twelve month high of $106.33. The firm’s 50 day moving average price is $99.51 and its two-hundred day moving average price is $97.00. The firm has a market cap of $40.32 billion, a P/E ratio of 25.17 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data 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 during 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 business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.95 EPS. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio is presently 38.90%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on OTIS shares. Wells Fargo & Company reduced their price objective on shares of 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. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Barclays reduced 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 research note on Thursday, October 31st. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Morgan Stanley started coverage on shares of 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. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average target price of $102.00.

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.