DRW Securities LLC Invests $467,000 in Otis Worldwide Co. (NYSE:OTIS)

DRW Securities LLC acquired a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 4,492 shares of the company’s stock, valued at approximately $467,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Appian Way Asset Management LP acquired a new stake in shares of Otis Worldwide during the second quarter worth $991,000. Cetera Investment Advisers boosted its stake in Otis Worldwide by 259.1% in the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock worth $4,603,000 after buying an additional 33,457 shares during the last quarter. Blair William & Co. IL grew its holdings in Otis Worldwide by 64.7% in the 2nd quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock valued at $2,363,000 after buying an additional 9,643 shares during the period. Public Sector Pension Investment Board increased its stake in shares of Otis Worldwide by 3.2% during the 2nd quarter. Public Sector Pension Investment Board now owns 198,871 shares of the company’s stock valued at $19,143,000 after acquiring an additional 6,259 shares during the last quarter. Finally, Tidal Investments LLC lifted its holdings in shares of Otis Worldwide by 49.5% during the 1st quarter. Tidal Investments LLC now owns 25,252 shares of the company’s stock worth $2,509,000 after acquiring an additional 8,356 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Morgan Stanley initiated coverage on Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target for the company. Finally, Wells Fargo & Company decreased their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus price target of $104.57.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $101.96 on Wednesday. Otis Worldwide Co. has a one year low of $83.99 and a one year high of $106.33. The stock’s 50 day moving average price is $101.46 and its 200 day moving average price is $97.69. The firm has a market capitalization of $40.73 billion, a PE ratio of 25.43 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last announced its 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). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter last year, the company posted $0.95 earnings per share. Otis Worldwide’s revenue for the quarter was up .7% compared to the same quarter last year. On average, analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) 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.