Chevy Chase Trust Holdings LLC Has $22.48 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Chevy Chase Trust Holdings LLC trimmed its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.7% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 216,294 shares of the company’s stock after selling 6,052 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.05% of Otis Worldwide worth $22,482,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Riverview Trust Co acquired a new stake in Otis Worldwide during the third quarter worth about $25,000. Meeder Asset Management Inc. boosted its position in shares of Otis Worldwide by 264.9% during 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 in the last quarter. Jamison Private Wealth Management Inc. increased its stake in Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after acquiring an additional 286 shares during the last quarter. Cranbrook Wealth Management LLC raised its position in Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares in the last quarter. Finally, Northwest Investment Counselors LLC bought a new stake in Otis Worldwide during the third quarter worth $28,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $101.07 on Wednesday. Otis Worldwide Co. has a 1 year low of $85.42 and a 1 year high of $106.33. The firm has a market cap of $40.37 billion, a PE ratio of 25.20 and a beta of 1.04. The company has a 50 day simple moving average of $102.01 and a 200 day simple moving average of $97.85.

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 business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide’s revenue was up .7% on a year-over-year basis. During the same period in the previous year, the business posted $0.95 EPS. As a group, research analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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 paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.54%. Otis Worldwide’s payout ratio is 38.90%.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction that occurred on 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.23% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

OTIS has been the topic of several recent analyst reports. Barclays decreased their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Wells Fargo & Company decreased their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. UBS Group initiated coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $104.57.

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.