Lindbrook Capital LLC Sells 170 Shares of Otis Worldwide Co. (NYSE:OTIS)

Lindbrook Capital LLC trimmed its position in Otis Worldwide Co. (NYSE:OTIS) by 2.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,921 shares of the company’s stock after selling 170 shares during the period. Lindbrook Capital LLC’s holdings in Otis Worldwide were worth $615,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in OTIS. Riverview Trust Co bought a new stake in shares of Otis Worldwide during the third quarter valued at approximately $25,000. Meeder Asset Management Inc. lifted its holdings 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. Northwest Investment Counselors LLC bought a new stake in Otis Worldwide during the 3rd quarter valued at $28,000. Cranbrook Wealth Management LLC increased its stake 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 purchasing an additional 250 shares in the last quarter. Finally, Jamison Private Wealth Management Inc. raised its holdings in Otis Worldwide by 5,720.0% during the second 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. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $100.03 on Friday. The company has a market capitalization of $39.96 billion, a P/E ratio of 24.95 and a beta of 1.04. Otis Worldwide Co. has a fifty-two week low of $80.49 and a fifty-two week high of $106.33. The company’s 50-day moving average is $99.76 and its 200 day moving average is $97.05.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter in the previous year, the company posted $0.95 EPS. The firm’s revenue was up .7% compared to the same quarter last year. As a group, research analysts predict that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

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 issued a dividend of $0.39 per share. The ex-dividend date of this dividend 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 (DPR) is 38.90%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Morgan Stanley started coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Wells Fargo & Company dropped their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Barclays cut their target price 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. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $102.00.

Insider Activity

In related news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.23% of the stock is owned by company 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.