Pacer Advisors Inc. Boosts Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Pacer Advisors Inc. boosted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 31.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 71,444 shares of the company’s stock after buying an additional 17,175 shares during the quarter. Pacer Advisors Inc.’s holdings in Otis Worldwide were worth $7,426,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OTIS. Hancock Whitney Corp raised its holdings in Otis Worldwide by 4.6% in the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock worth $253,000 after purchasing an additional 111 shares during the period. Optas LLC grew its position in shares of Otis Worldwide by 2.2% in the third quarter. Optas LLC now owns 5,522 shares of the company’s stock valued at $574,000 after purchasing an additional 118 shares during the period. Brighton Jones LLC increased its stake in Otis Worldwide by 5.0% during the 2nd quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock worth $248,000 after buying an additional 124 shares in the last quarter. Park Avenue Securities LLC raised its holdings in shares of Otis Worldwide by 0.9% during the second quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock valued at $1,437,000 after acquiring an additional 127 shares during the last quarter. Finally, Resonant Capital Advisors LLC lifted its position in shares of Otis Worldwide by 4.6% in the second quarter. Resonant Capital Advisors LLC now owns 3,426 shares of the company’s stock valued at $330,000 after acquiring an additional 150 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on OTIS shares. Barclays decreased their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. UBS Group began coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Morgan Stanley assumed coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $104.57.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Stock Up 1.3 %

NYSE:OTIS opened at $101.20 on Friday. Otis Worldwide Co. has a 52 week low of $83.99 and a 52 week high of $106.33. The stock’s fifty day moving average is $101.19 and its two-hundred day moving average is $97.59. The company has a market capitalization of $40.43 billion, a P/E ratio of 25.24 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, October 30th. The company reported $0.96 EPS 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 during the quarter, compared to analyst estimates of $3.59 billion. During the same period in the previous year, the company earned $0.95 EPS. The company’s quarterly revenue was up .7% compared to the same quarter last year. Sell-side analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

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