Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Prio Wealth Limited Partnership

Prio Wealth Limited Partnership cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 284,636 shares of the company’s stock after selling 1,341 shares during the period. Prio Wealth Limited Partnership owned approximately 0.07% of Otis Worldwide worth $29,585,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Riverview Trust Co bought a new stake in Otis Worldwide during the third quarter worth approximately $25,000. Meeder Asset Management Inc. raised its holdings in 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 purchasing an additional 196 shares in the last quarter. 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 purchasing an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC raised its holdings in Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after purchasing an additional 250 shares in the last quarter. Finally, Hantz Financial Services Inc. bought a new stake in Otis Worldwide during the second quarter worth approximately $29,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

NYSE OTIS traded down $0.90 on Monday, hitting $105.11. 180,794 shares of the stock were exchanged, compared to its average volume of 2,107,898. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $106.33. The company has a market capitalization of $42.10 billion, a price-to-earnings ratio of 29.61 and a beta of 1.03. The company’s 50-day moving average price is $97.42 and its two-hundred day moving average price is $96.61.

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

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.48%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s payout ratio is 43.58%.

Analysts Set New Price Targets

Several equities research analysts recently commented on OTIS shares. Morgan Stanley started coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. Wells Fargo & Company boosted their target price on Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Barclays upped their price target on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $102.71.

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.