Public Employees Retirement System of Ohio Sells 6,884 Shares of Otis Worldwide Co. (NYSE:OTIS)

Public Employees Retirement System of Ohio lessened its holdings in Otis Worldwide Co. (NYSE:OTIS) by 4.4% during the 3rd quarter, Holdings Channel.com reports. The firm owned 151,019 shares of the company’s stock after selling 6,884 shares during the period. Public Employees Retirement System of Ohio’s holdings in Otis Worldwide were worth $15,697,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Riverview Trust Co purchased a new position in shares of Otis Worldwide during the 3rd quarter valued at about $25,000. Meeder Asset Management Inc. boosted its position in shares of 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 purchasing an additional 196 shares during the period. Cranbrook Wealth Management LLC increased its stake in shares of Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after purchasing an additional 250 shares in the last quarter. Northwest Investment Counselors LLC bought a new stake in shares of Otis Worldwide during the 3rd quarter valued at $28,000. Finally, Hantz Financial Services Inc. purchased a new position in shares of Otis Worldwide during the 2nd quarter valued at $29,000. 88.03% of the stock is currently owned by institutional investors.

Insider Activity at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide 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 directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.23% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on OTIS. Wells Fargo & Company lowered their price objective on 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. Barclays downgraded Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price target for the company. in a research note on Thursday, December 5th. Morgan Stanley started coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. UBS Group started coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. Finally, Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $104.57.

Otis Worldwide Trading Down 0.8 %

OTIS opened at $100.06 on Wednesday. Otis Worldwide Co. has a 12 month low of $85.42 and a 12 month high of $106.33. The stock has a 50-day moving average of $101.85 and a 200 day moving average of $97.95. The firm has a market cap of $39.97 billion, a P/E ratio of 25.16 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.95 EPS. On average, research analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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

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.