William Allan Corp Acquires 272 Shares of Otis Worldwide Co. (NYSE:OTIS)

William Allan Corp increased its stake in Otis Worldwide Co. (NYSE:OTIS) by 0.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 47,346 shares of the company’s stock after purchasing an additional 272 shares during the quarter. Otis Worldwide makes up approximately 3.0% of William Allan Corp’s investment portfolio, making the stock its 13th biggest position. William Allan Corp’s holdings in Otis Worldwide were worth $4,921,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OTIS. Janus Henderson Group PLC lifted its holdings in shares of Otis Worldwide by 4.2% in the first quarter. Janus Henderson Group PLC now owns 89,135 shares of the company’s stock worth $8,848,000 after buying an additional 3,590 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its holdings in shares of Otis Worldwide by 15.3% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 8,045 shares of the company’s stock valued at $799,000 after purchasing an additional 1,068 shares during the last quarter. Tidal Investments LLC grew its position in shares of Otis Worldwide by 49.5% during the first quarter. Tidal Investments LLC now owns 25,252 shares of the company’s stock valued at $2,509,000 after purchasing an additional 8,356 shares in the last quarter. Hancock Whitney Corp increased its holdings in shares of Otis Worldwide by 4.6% in the first 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 last quarter. Finally, iA Global Asset Management Inc. lifted its position in shares of Otis Worldwide by 33.5% in the first quarter. iA Global Asset Management Inc. now owns 13,702 shares of the company’s stock worth $1,360,000 after buying an additional 3,438 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Wells Fargo & Company dropped their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Barclays dropped their target price on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. UBS Group assumed coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Morgan Stanley began coverage on shares of 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. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $104.57.

Otis Worldwide Trading Up 0.5 %

Shares of NYSE OTIS opened at $102.52 on Friday. The stock has a market capitalization of $40.95 billion, a PE ratio of 25.57 and a beta of 1.04. The stock’s fifty day simple moving average is $101.63 and its two-hundred day simple moving average is $97.73. Otis Worldwide Co. has a 12-month low of $83.99 and a 12-month high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its earnings results 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). The business had revenue of $3.55 billion for 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%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the prior year, the company earned $0.95 earnings per share. On average, equities analysts predict that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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 $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 1.52%. Otis Worldwide’s payout ratio is 38.90%.

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 on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.23% of the stock is owned by company insiders.

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.