Ferguson Wellman Capital Management Inc. Decreases Stake in Otis Worldwide Co. (NYSE:OTIS)

Ferguson Wellman Capital Management Inc. lowered its stake in Otis Worldwide Co. (NYSE:OTIS) by 4.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,897 shares of the company’s stock after selling 250 shares during the quarter. Ferguson Wellman Capital Management Inc.’s holdings in Otis Worldwide were worth $509,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Riverview Trust Co purchased a new position in shares of Otis Worldwide in the third quarter valued at about $25,000. Meeder Asset Management Inc. increased its position in shares of Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after acquiring an additional 196 shares during the period. Jamison Private Wealth Management Inc. grew its position in shares of Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after buying an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC boosted its stake in shares of Otis Worldwide by 675.7% during the second 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, Hantz Financial Services Inc. purchased a new position in shares of Otis Worldwide in the 2nd quarter valued at $29,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OTIS has been the subject of a number of recent analyst reports. Morgan Stanley began 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. Barclays upped their price objective on shares of Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Wells Fargo & Company lifted their price objective on Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $102.71.

Otis Worldwide Trading Up 0.8 %

Shares of OTIS stock opened at $106.01 on Friday. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $106.33. The company has a market capitalization of $42.46 billion, a PE ratio of 29.61 and a beta of 1.03. The firm has a fifty day simple moving average of $97.42 and a 200-day simple moving average of $96.62.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.03. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter last year, the business posted $0.92 earnings per share. Equities research analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s dividend payout ratio is presently 43.58%.

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.