Aberdeen Wealth Management LLC Reduces Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Aberdeen Wealth Management LLC lessened its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.7% in the third quarter, Holdings Channel reports. The institutional investor owned 3,624 shares of the company’s stock after selling 100 shares during the quarter. Aberdeen Wealth Management LLC’s holdings in Otis Worldwide were worth $377,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of OTIS. Hancock Whitney Corp lifted its stake in Otis Worldwide by 4.6% in the first quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock worth $253,000 after acquiring an additional 111 shares during the period. Optas LLC raised its holdings in Otis Worldwide by 2.2% in the 3rd quarter. Optas LLC now owns 5,522 shares of the company’s stock worth $574,000 after purchasing an additional 118 shares in the last quarter. Brighton Jones LLC raised its holdings in Otis Worldwide by 5.0% in the 2nd quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock worth $248,000 after purchasing an additional 124 shares in the last quarter. Park Avenue Securities LLC lifted its position in shares of Otis Worldwide by 0.9% in the 2nd quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock worth $1,437,000 after purchasing an additional 127 shares during the period. Finally, Resonant Capital Advisors LLC boosted its stake in shares of Otis Worldwide by 4.6% during the 2nd quarter. Resonant Capital Advisors LLC now owns 3,426 shares of the company’s stock valued at $330,000 after purchasing an additional 150 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 1.7 %

Shares of NYSE:OTIS opened at $100.77 on Tuesday. Otis Worldwide Co. has a 12-month low of $83.66 and a 12-month high of $106.33. The stock has a market capitalization of $40.25 billion, a price-to-earnings ratio of 25.13 and a beta of 1.04. The stock has a fifty day simple moving average of $100.59 and a two-hundred day simple moving average of $97.42.

Otis Worldwide (NYSE:OTIS) last posted 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 negative return on equity of 31.28% and a net margin of 11.48%. The company had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the prior year, the firm earned $0.95 EPS. Otis Worldwide’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, equities research analysts predict that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s payout ratio is 38.90%.

Wall Street Analysts Forecast Growth

Several analysts have commented on OTIS shares. Morgan Stanley began coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Barclays reduced their price target 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. UBS Group assumed coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Finally, 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 report on Thursday, October 31st. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $104.57.

Insider Activity at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.23% of the stock is owned by insiders.

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.