Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Dover Advisors LLC

Dover Advisors LLC trimmed its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 18.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,148 shares of the company’s stock after selling 718 shares during the period. Dover Advisors LLC’s holdings in Otis Worldwide were worth $327,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Wesbanco Bank Inc. boosted its stake in Otis Worldwide by 3.8% in the 3rd quarter. Wesbanco Bank Inc. now owns 34,675 shares of the company’s stock worth $3,604,000 after purchasing an additional 1,262 shares during the period. Selway Asset Management boosted its position in shares of Otis Worldwide by 0.8% in the third quarter. Selway Asset Management now owns 20,021 shares of the company’s stock worth $2,081,000 after buying an additional 150 shares during the period. CHICAGO TRUST Co NA grew its holdings in shares of Otis Worldwide by 21.6% during the third quarter. CHICAGO TRUST Co NA now owns 2,678 shares of the company’s stock valued at $278,000 after buying an additional 475 shares in the last quarter. Exchange Traded Concepts LLC raised its position in Otis Worldwide by 1,094.9% during the third quarter. Exchange Traded Concepts LLC now owns 1,398 shares of the company’s stock valued at $145,000 after buying an additional 1,281 shares during the period. Finally, Carnegie Investment Counsel lifted its stake in Otis Worldwide by 7.0% in the 3rd quarter. Carnegie Investment Counsel now owns 190,321 shares of the company’s stock worth $19,782,000 after acquiring an additional 12,430 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.8 %

OTIS stock traded down $0.84 during mid-day trading on Tuesday, reaching $104.48. 2,317,811 shares of the stock traded hands, compared to its average volume of 2,124,678. The business has a 50-day moving average of $96.67 and a two-hundred day moving average of $96.46. The firm has a market capitalization of $42.24 billion, a PE ratio of 30.20 and a beta of 1.03. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $106.10.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, topping the consensus estimate of $1.03 by $0.03. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.92 EPS. On average, equities research analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on OTIS. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Morgan Stanley initiated coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective on the stock. Wells Fargo & Company lifted their target price on shares of Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Finally, Barclays boosted their target price on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $102.71.

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.