Spinnaker Trust Has $248,000 Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Spinnaker Trust lessened its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 13.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,390 shares of the company’s stock after selling 380 shares during the quarter. Spinnaker Trust’s holdings in Otis Worldwide were worth $248,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. First Eagle Investment Management LLC boosted its stake in Otis Worldwide by 173.7% during the first quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock worth $1,990,000 after buying an additional 12,722 shares in the last quarter. Appian Way Asset Management LP acquired a new stake in shares of Otis Worldwide during the 2nd quarter valued at about $991,000. Cetera Investment Advisers increased its stake in Otis Worldwide by 259.1% in the first quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after acquiring an additional 33,457 shares during the period. SG Americas Securities LLC raised its position in Otis Worldwide by 37.5% in the first quarter. SG Americas Securities LLC now owns 159,478 shares of the company’s stock worth $15,831,000 after purchasing an additional 43,485 shares in the last quarter. Finally, Natixis bought a new position in Otis Worldwide during the first quarter worth about $3,722,000. 88.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

OTIS has been the subject of several analyst reports. Wells Fargo & Company cut their target price on 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 report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Barclays reduced their target price on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $102.00.

Otis Worldwide Stock Up 0.4 %

OTIS opened at $100.56 on Thursday. Otis Worldwide Co. has a 12-month low of $79.54 and a 12-month high of $106.33. The business has a 50 day moving average of $99.37 and a 200-day moving average of $96.98. The stock has a market cap of $40.17 billion, a price-to-earnings ratio of 25.08 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last announced its quarterly 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). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter last year, the company posted $0.95 EPS. The firm’s quarterly revenue was up .7% on a year-over-year basis. As a group, analysts expect that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide Announces Dividend

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

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.