Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Lifeworks Advisors LLC

Lifeworks Advisors LLC grew its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 16.3% during the 3rd quarter, Holdings Channel reports. The firm owned 44,005 shares of the company’s stock after purchasing an additional 6,152 shares during the period. Lifeworks Advisors LLC’s holdings in Otis Worldwide were worth $4,574,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. PineStone Asset Management Inc. grew its position in Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after purchasing an additional 2,590,780 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Otis Worldwide by 3,673.6% in the third 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 during the period. Massachusetts Financial Services Co. MA boosted its holdings 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 purchasing an additional 907,972 shares during the period. Sarasin & Partners LLP grew its position in Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after buying an additional 883,659 shares in the last quarter. Finally, Brown Brothers Harriman & Co. grew its holdings in shares of Otis Worldwide by 2,782.3% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after purchasing an additional 786,897 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction that occurred 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 approximately $1,009,391.84. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.23% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Barclays lowered 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. Royal Bank of Canada restated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Wells Fargo & Company decreased their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. UBS Group began coverage on Otis Worldwide in a research report on Wednesday. They set a “neutral” rating and a $113.00 price target for the company. Finally, Morgan Stanley initiated coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $104.57.

Otis Worldwide Stock Up 0.1 %

Shares of NYSE:OTIS traded up $0.11 during trading on Thursday, hitting $100.50. 206,379 shares of the company were exchanged, compared to its average volume of 2,107,650. Otis Worldwide Co. has a 1-year low of $83.21 and a 1-year high of $106.33. The business’s 50 day moving average is $100.11 and its 200-day moving average is $97.21. The company has a market capitalization of $40.15 billion, a P/E ratio of 25.03 and a beta of 1.04.

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

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.55%. Otis Worldwide’s payout ratio is 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.