Brooklyn Investment Group Invests $102,000 in Otis Worldwide Co. (NYSE:OTIS)

Brooklyn Investment Group acquired a new position in shares of Otis Worldwide Co. (NYSE:OTIS) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 986 shares of the company’s stock, valued at approximately $102,000.

Several other institutional investors have also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA boosted its holdings in Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after purchasing an additional 907,972 shares during the last quarter. PineStone Asset Management Inc. boosted its stake in shares of Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after buying an additional 2,590,780 shares during the last quarter. Sarasin & Partners LLP grew its holdings in shares of Otis Worldwide by 27.2% in the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after acquiring an additional 883,659 shares in the last quarter. Legal & General Group Plc increased its position in shares of Otis Worldwide by 0.4% in the second quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock valued at $352,351,000 after acquiring an additional 15,021 shares during the last quarter. Finally, FMR LLC raised its holdings in Otis Worldwide by 2.9% during the third quarter. FMR LLC now owns 3,536,108 shares of the company’s stock worth $367,543,000 after acquiring an additional 101,278 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on OTIS. Barclays lowered their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $104.57.

Otis Worldwide Stock Up 0.5 %

Shares of OTIS stock opened at $102.52 on Thursday. Otis Worldwide Co. has a 12-month low of $83.99 and a 12-month high of $106.33. The firm has a 50 day moving average price of $101.63 and a two-hundred day moving average price of $97.73. The company has a market capitalization of $40.95 billion, a PE ratio of 25.57 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates 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 business’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.95 earnings per share. As a group, research analysts expect that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of the 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 sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is owned by company insiders.

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.