KCM Investment Advisors LLC Sells 104 Shares of Otis Worldwide Co. (NYSE:OTIS)

KCM Investment Advisors LLC lessened its stake in Otis Worldwide Co. (NYSE:OTIS) by 3.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,891 shares of the company’s stock after selling 104 shares during the quarter. KCM Investment Advisors LLC’s holdings in Otis Worldwide were worth $300,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Riverview Trust Co bought a new stake in shares of Otis Worldwide in the third quarter valued at $25,000. Meeder Asset Management Inc. increased its holdings in Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after acquiring an additional 196 shares during the last quarter. Northwest Investment Counselors LLC bought a new stake in shares of Otis Worldwide in the third quarter valued at approximately $28,000. Ashton Thomas Securities LLC bought a new stake in Otis Worldwide during the 3rd quarter valued at $29,000. Finally, Cranbrook Wealth Management LLC lifted its holdings in Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after purchasing an additional 250 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now directly 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 this hyperlink. 0.23% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on OTIS. Barclays cut their price objective on shares of 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. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Wells Fargo & Company reduced their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. UBS Group began coverage on shares of Otis Worldwide in a research note on Wednesday. They set a “neutral” rating and a $113.00 price target on the stock. Finally, Morgan Stanley began coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. 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 has a consensus rating of “Hold” and an average price target of $104.57.

Otis Worldwide Trading Down 0.2 %

Shares of OTIS opened at $99.10 on Friday. Otis Worldwide Co. has a 1-year low of $83.21 and a 1-year high of $106.33. The firm’s 50-day moving average price is $100.41 and its 200-day moving average price is $97.31. The firm has a market capitalization of $39.59 billion, a price-to-earnings ratio of 24.71 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued 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). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. The firm’s revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.95 earnings per share. On average, research analysts forecast that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Otis Worldwide 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.