Chartwell Investment Partners LLC Grows Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Chartwell Investment Partners LLC boosted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 70,576 shares of the company’s stock after buying an additional 4,417 shares during the period. Chartwell Investment Partners LLC’s holdings in Otis Worldwide were worth $7,336,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Riverview Trust Co purchased a new stake in Otis Worldwide during the 3rd quarter valued at $25,000. Meeder Asset Management Inc. grew its position 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 during the last quarter. Northwest Investment Counselors LLC bought a new position in Otis Worldwide in the 3rd quarter valued at $28,000. Ashton Thomas Securities LLC bought a new position in Otis Worldwide in the 3rd quarter valued at $29,000. Finally, Cranbrook Wealth Management LLC grew its position in Otis Worldwide by 675.7% in the 2nd 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. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $101.52 on Tuesday. Otis Worldwide Co. has a 1-year low of $81.21 and a 1-year high of $106.33. The stock’s 50-day moving average is $99.90 and its 200 day moving average is $97.14. The company has a market cap of $40.55 billion, a P/E ratio of 25.32 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data 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 net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the previous year, the business earned $0.95 EPS. Otis Worldwide’s revenue for the quarter was up .7% compared to the same quarter last year. On average, analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s payout ratio is currently 38.90%.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

OTIS has been the topic of several research analyst reports. Morgan Stanley initiated coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective on the stock. Wells Fargo & Company cut 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. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Barclays dropped their price target on 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. Finally, Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $102.00.

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.