Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Hancock Whitney Corp

Hancock Whitney Corp decreased its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 13.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,271 shares of the company’s stock after selling 346 shares during the quarter. Hancock Whitney Corp’s holdings in Otis Worldwide were worth $236,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Truvestments Capital LLC purchased a new stake in shares of Otis Worldwide in the 3rd quarter valued at approximately $36,000. Brown Brothers Harriman & Co. grew its stake in shares of Otis Worldwide by 24.9% during the third quarter. Brown Brothers Harriman & Co. now owns 1,018,536 shares of the company’s stock worth $105,867,000 after purchasing an additional 203,357 shares in the last quarter. DRW Securities LLC purchased a new position in Otis Worldwide in the third quarter valued at $467,000. Daiwa Securities Group Inc. raised its stake in Otis Worldwide by 11.1% in the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after buying an additional 4,918 shares in the last quarter. Finally, Hartford Funds Management Co LLC raised its stake in Otis Worldwide by 2.3% in the third quarter. Hartford Funds Management Co LLC now owns 14,815 shares of the company’s stock valued at $1,540,000 after buying an additional 330 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of recent analyst reports. Morgan Stanley began coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective on the stock. 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 for the company in a research report on Thursday, October 31st. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Finally, UBS Group initiated coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $104.57.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the 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 completion of 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 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $102.52 on Thursday. The company’s fifty day moving average is $101.63 and its two-hundred day moving average is $97.73. Otis Worldwide Co. has a 1 year low of $83.99 and a 1 year high of $106.33. The company has a market capitalization of $40.95 billion, a P/E ratio of 25.57 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued 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). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter last year, the firm earned $0.95 EPS. The business’s revenue was up .7% on a year-over-year basis. As a group, equities analysts expect that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 1.52%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio is presently 38.90%.

Otis Worldwide Company 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.