Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Citigroup Inc.

Citigroup Inc. lessened its holdings in Otis Worldwide Co. (NYSE:OTIS) by 11.1% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 409,723 shares of the company’s stock after selling 51,148 shares during the period. Citigroup Inc.’s holdings in Otis Worldwide were worth $42,587,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of OTIS. CreativeOne Wealth LLC acquired a new position in Otis Worldwide during the 1st quarter worth about $288,000. Advisors Asset Management Inc. lifted its stake in Otis Worldwide by 31.6% during the 1st quarter. Advisors Asset Management Inc. now owns 8,048 shares of the company’s stock worth $799,000 after acquiring an additional 1,934 shares in the last quarter. Caxton Associates LP acquired a new position in Otis Worldwide during the 1st quarter worth about $1,661,000. Zurich Insurance Group Ltd FI purchased a new stake in Otis Worldwide during the 1st quarter worth about $1,807,000. Finally, Silvercrest Asset Management Group LLC increased its holdings in Otis Worldwide by 2.2% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 25,076 shares of the company’s stock worth $2,489,000 after purchasing an additional 537 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on OTIS shares. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a 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 on the stock. Wells Fargo & Company cut their price target 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. Morgan Stanley assumed coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. Finally, Barclays dropped their target price 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. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average 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 company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction 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 Stock Up 1.3 %

NYSE:OTIS opened at $101.20 on Monday. Otis Worldwide Co. has a fifty-two week low of $83.99 and a fifty-two week high of $106.33. The stock has a market cap of $40.43 billion, a PE ratio of 25.24 and a beta of 1.04. The firm’s fifty day simple moving average is $101.19 and its 200-day simple moving average is $97.61.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide’s revenue was up .7% on a year-over-year basis. During the same period in the previous year, the company posted $0.95 earnings per share. Equities analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.54%. Otis Worldwide’s payout ratio is 38.90%.

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.