Prospector Partners LLC Raises Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Prospector Partners LLC boosted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 128,815 shares of the company’s stock after purchasing an additional 4,890 shares during the period. Otis Worldwide comprises approximately 1.4% of Prospector Partners LLC’s holdings, making the stock its 28th largest holding. Prospector Partners LLC’s holdings in Otis Worldwide were worth $13,389,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OTIS. PineStone Asset Management Inc. boosted its position in shares of Otis Worldwide by 138.3% during the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after purchasing an additional 2,590,780 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Otis Worldwide by 3,673.6% during the 3rd quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock valued at $232,662,000 after buying an additional 2,201,988 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Otis Worldwide by 12.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after buying an additional 907,972 shares during the period. Sarasin & Partners LLP increased its stake in shares of Otis Worldwide by 27.2% in the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after acquiring an additional 883,659 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its position in Otis Worldwide by 2,782.3% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock valued at $78,469,000 after acquiring an additional 786,897 shares during the period. Institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other 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 transaction of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at $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 available through this link. 0.23% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $102.49 on Tuesday. The firm has a market cap of $40.94 billion, a price-to-earnings ratio of 25.56 and a beta of 1.04. The business has a 50-day simple moving average of $101.34 and a two-hundred day simple moving average of $97.66. Otis Worldwide Co. has a fifty-two week low of $83.99 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS) last released 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 company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the previous year, the firm earned $0.95 earnings per share. The firm’s revenue for the quarter was up .7% on a year-over-year basis. As a group, 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. 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 1.52%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 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.