Crestwood Advisors Group LLC Has $281,000 Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Crestwood Advisors Group LLC increased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 11.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,701 shares of the company’s stock after acquiring an additional 273 shares during the period. Crestwood Advisors Group LLC’s holdings in Otis Worldwide were worth $281,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Sentry Investment Management LLC lifted its stake in Otis Worldwide by 3.1% during the third quarter. Sentry Investment Management LLC now owns 6,300 shares of the company’s stock worth $655,000 after purchasing an additional 187 shares during the period. Hazlett Burt & Watson Inc. raised its holdings in shares of Otis Worldwide by 62.1% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 3,136 shares of the company’s stock worth $327,000 after buying an additional 1,201 shares in the last quarter. Quintet Private Bank Europe S.A. lifted its position in shares of Otis Worldwide by 14.6% during the 3rd quarter. Quintet Private Bank Europe S.A. now owns 267,617 shares of the company’s stock worth $27,816,000 after buying an additional 34,088 shares during the period. QRG Capital Management Inc. lifted its position in shares of Otis Worldwide by 7.8% during the 3rd quarter. QRG Capital Management Inc. now owns 40,938 shares of the company’s stock worth $4,255,000 after buying an additional 2,958 shares during the period. Finally, National Pension Service boosted its stake in Otis Worldwide by 9.9% in the 3rd quarter. National Pension Service now owns 1,175,241 shares of the company’s stock valued at $122,155,000 after buying an additional 105,527 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $100.56 on Thursday. The firm has a 50 day simple moving average of $99.37 and a 200 day simple moving average of $96.98. Otis Worldwide Co. has a fifty-two week low of $79.54 and a fifty-two week high of $106.33. The firm has a market cap of $40.17 billion, a P/E ratio of 25.08 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm 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 firm’s quarterly revenue was up .7% on a year-over-year basis. During the same period last year, the business posted $0.95 earnings per share. On average, sell-side analysts expect that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.55%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on OTIS shares. Barclays cut their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Morgan Stanley initiated coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Finally, Wells Fargo & Company reduced 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. Eight 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, the stock presently has an average rating of “Hold” and a consensus price target of $102.00.

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.