Seascape Capital Management Has $3.52 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Seascape Capital Management reduced its position in Otis Worldwide Co. (NYSE:OTIS) by 1.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 33,859 shares of the company’s stock after selling 482 shares during the quarter. Otis Worldwide makes up 1.3% of Seascape Capital Management’s portfolio, making the stock its 29th largest holding. Seascape Capital Management’s holdings in Otis Worldwide were worth $3,519,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in OTIS. Riverview Trust Co bought a new position in Otis Worldwide in the 3rd quarter valued at $25,000. Meeder Asset Management Inc. lifted its stake in Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after acquiring an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. increased its stake in Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after buying an additional 286 shares during the last quarter. Cranbrook Wealth Management LLC increased its position 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 valued at $28,000 after acquiring an additional 250 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Otis Worldwide during the 3rd quarter worth approximately $28,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 0.9 %

Otis Worldwide stock opened at $100.05 on Friday. Otis Worldwide Co. has a 12 month low of $80.49 and a 12 month high of $106.33. The business’s fifty day simple moving average is $99.65 and its two-hundred day simple moving average is $97.03. The company has a market capitalization of $39.97 billion, a price-to-earnings ratio of 24.95 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 (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.95 EPS. On average, equities research analysts predict that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be paid 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 1.56%. Otis Worldwide’s dividend payout ratio is presently 38.90%.

Analyst Ratings Changes

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

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 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 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is owned by corporate 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.