Arthur M. Cohen & Associates LLC Cuts Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Arthur M. Cohen & Associates LLC reduced its stake in Otis Worldwide Co. (NYSE:OTIS) by 6.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,000 shares of the company’s stock after selling 1,000 shares during the quarter. Arthur M. Cohen & Associates LLC’s holdings in Otis Worldwide were worth $1,453,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of OTIS. Riverview Trust Co purchased a new position in shares of Otis Worldwide in the 3rd quarter worth about $25,000. Meeder Asset Management Inc. boosted its stake in Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after buying an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. grew its position 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 valued at $28,000 after acquiring an additional 286 shares during the last quarter. Cranbrook Wealth Management LLC raised 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 worth $28,000 after acquiring an additional 250 shares in the last quarter. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Otis Worldwide in the 3rd quarter worth approximately $28,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

OTIS opened at $99.44 on Tuesday. Otis Worldwide Co. has a one year low of $79.44 and a one year high of $106.33. The business has a 50 day simple moving average of $99.23 and a two-hundred day simple moving average of $96.94. The firm has a market capitalization of $39.83 billion, a price-to-earnings ratio of 24.80 and a beta of 1.04.

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

Otis Worldwide Dividend Announcement

The business 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 dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s payout ratio is 38.90%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on OTIS shares. Morgan Stanley assumed coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. Barclays reduced 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. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Wells Fargo & Company dropped their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $102.00.

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.