Sawgrass Asset Management LLC Boosts Stake in Otis Worldwide Co. (NYSE:OTIS)

Sawgrass Asset Management LLC raised its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 40.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 86,505 shares of the company’s stock after buying an additional 25,112 shares during the quarter. Sawgrass Asset Management LLC’s holdings in Otis Worldwide were worth $8,991,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Riverview Trust Co purchased a new stake in Otis Worldwide during the 3rd quarter worth about $25,000. Meeder Asset Management Inc. boosted its stake in shares of Otis Worldwide by 264.9% during the 2nd 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 last quarter. Jamison Private Wealth Management Inc. grew its holdings in shares of Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after buying an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC raised 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 buying an additional 250 shares during the last quarter. Finally, Northwest Investment Counselors LLC acquired a new stake in Otis Worldwide during the third quarter worth approximately $28,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. UBS Group assumed coverage on Otis Worldwide in a report on Wednesday. They issued a “neutral” rating and a $113.00 price target for the company. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Wells Fargo & Company decreased their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. 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, Morgan Stanley assumed 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 for the company. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $104.57.

Insider Transactions at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction that occurred on Thursday, November 7th. The shares were 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 in the company, valued at $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 SEC, which is available at this hyperlink. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $99.10 on Friday. Otis Worldwide Co. has a 1 year low of $83.21 and a 1 year high of $106.33. The stock has a 50-day simple moving average of $100.41 and a 200-day simple moving average of $97.31. The stock has a market capitalization of $39.59 billion, a P/E ratio of 24.71 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data 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). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the prior year, the firm earned $0.95 earnings per share. Otis Worldwide’s quarterly revenue was up .7% compared to the same quarter last year. Analysts predict that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.57%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Otis Worldwide 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.