Otis Worldwide Co. (NYSE:OTIS) Stock Holdings Lowered by Kanawha Capital Management LLC

Kanawha Capital Management LLC trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 48,956 shares of the company’s stock after selling 297 shares during the period. Kanawha Capital Management LLC’s holdings in Otis Worldwide were worth $5,089,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Hancock Whitney Corp increased its stake 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 in the last quarter. Bleakley Financial Group LLC increased its position in shares of Otis Worldwide by 1.2% in the first quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock worth $965,000 after acquiring an additional 117 shares in the last quarter. Optas LLC raised its holdings in shares of Otis Worldwide by 2.2% during the third quarter. Optas LLC now owns 5,522 shares of the company’s stock valued at $574,000 after acquiring an additional 118 shares during the period. Brighton Jones LLC lifted its position in shares of Otis Worldwide by 5.0% in the 2nd quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock valued at $248,000 after acquiring an additional 124 shares in the last quarter. Finally, Park Avenue Securities LLC boosted its stake in Otis Worldwide by 0.9% in the 2nd quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock worth $1,437,000 after purchasing an additional 127 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Up 1.3 %

NYSE OTIS opened at $99.44 on Monday. The stock has a market capitalization of $39.83 billion, a PE ratio of 24.80 and a beta of 1.04. Otis Worldwide Co. has a 12-month low of $77.51 and a 12-month high of $106.33. The company has a 50 day moving average price of $99.11 and a two-hundred day moving average price of $96.91.

Otis Worldwide (NYSE:OTIS) last released its quarterly 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 company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business’s revenue was up .7% compared to the same quarter last year. During the same quarter last year, the company posted $0.95 EPS. As a group, equities analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.57%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Barclays decreased 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. 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 report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Finally, Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $102.00.

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.