Redwood Investment Management LLC Acquires 593 Shares of Otis Worldwide Co. (NYSE:OTIS)

Redwood Investment Management LLC lifted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,027 shares of the company’s stock after purchasing an additional 593 shares during the period. Redwood Investment Management LLC’s holdings in Otis Worldwide were worth $1,569,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Appian Way Asset Management LP bought a new stake in shares of Otis Worldwide during the 2nd quarter valued at about $991,000. Cetera Investment Advisers boosted its position in shares of Otis Worldwide by 259.1% during the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after purchasing an additional 33,457 shares in the last quarter. Blair William & Co. IL raised its stake in Otis Worldwide by 64.7% during the 2nd quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock worth $2,363,000 after buying an additional 9,643 shares during the period. Daiwa Securities Group Inc. raised its stake in Otis Worldwide by 11.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after buying an additional 4,918 shares during the period. Finally, Public Sector Pension Investment Board raised its stake in Otis Worldwide by 3.2% during the 2nd quarter. Public Sector Pension Investment Board now owns 198,871 shares of the company’s stock worth $19,143,000 after buying an additional 6,259 shares during the period. Institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide 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 completion of the transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Trading Down 2.0 %

Shares of OTIS opened at $99.12 on Friday. The company has a market capitalization of $39.59 billion, a price-to-earnings ratio of 24.72 and a beta of 1.04. The stock has a 50 day moving average of $102.09 and a 200 day moving average of $97.90. Otis Worldwide Co. has a 12 month low of $85.42 and a 12 month high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the company posted $0.95 earnings per share. Otis Worldwide’s revenue for the quarter was up .7% on a year-over-year basis. As a group, equities research analysts predict that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. 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 38.90%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Morgan Stanley assumed coverage on Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. UBS Group assumed coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target 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 note on Thursday, September 19th. Wells Fargo & Company lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Finally, Barclays downgraded Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price objective for the company. in a research note on Thursday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $104.57.

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.