Cassaday & Co Wealth Management LLC Takes Position in Otis Worldwide Co. (NYSE:OTIS)

Cassaday & Co Wealth Management LLC bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 1,977 shares of the company’s stock, valued at approximately $206,000.

A number of other institutional investors have also recently added to or reduced their stakes in OTIS. Appian Way Asset Management LP acquired a new position in shares of Otis Worldwide during the second quarter worth $991,000. Cetera Investment Advisers grew its position in shares of Otis Worldwide by 259.1% in the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after buying an additional 33,457 shares during the last quarter. Natixis acquired a new stake in shares of Otis Worldwide in the first quarter valued at about $3,722,000. Blair William & Co. IL raised its position in shares of Otis Worldwide by 64.7% during the second quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock worth $2,363,000 after acquiring an additional 9,643 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its position in shares of Otis Worldwide by 3.2% during the second quarter. Public Sector Pension Investment Board now owns 198,871 shares of the company’s stock worth $19,143,000 after acquiring an additional 6,259 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Insider Buying and Selling

In related 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 completion of the sale, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $100.77 on Tuesday. The business has a 50-day simple moving average of $100.59 and a 200 day simple moving average of $97.42. Otis Worldwide Co. has a one year low of $83.66 and a one year high of $106.33. The firm has a market capitalization of $40.25 billion, a price-to-earnings ratio of 25.13 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same period in the previous year, the company earned $0.95 earnings per share. Otis Worldwide’s revenue for the quarter was up .7% compared to the same quarter last year. On average, sell-side analysts expect that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Dividend Announcement

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 given a dividend of $0.39 per share. 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 payout ratio is presently 38.90%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on OTIS. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Morgan Stanley initiated coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Barclays cut their price target on shares of 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. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Finally, UBS Group initiated coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $104.57.

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.