Public Employees Retirement System of Ohio Reduces Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Public Employees Retirement System of Ohio lessened its position in Otis Worldwide Co. (NYSE:OTIS) by 4.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 151,019 shares of the company’s stock after selling 6,884 shares during the period. Public Employees Retirement System of Ohio’s holdings in Otis Worldwide were worth $15,697,000 at the end of the most recent reporting period.

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

Otis Worldwide Trading Down 0.8 %

NYSE OTIS opened at $100.06 on Wednesday. Otis Worldwide Co. has a 12 month low of $85.42 and a 12 month high of $106.33. The stock’s fifty day moving average price is $101.85 and its 200-day moving average price is $97.95. The stock has a market cap of $39.97 billion, a P/E ratio of 25.16 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter in the prior year, the business posted $0.95 earnings per share. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s payout ratio is 38.90%.

Insider Transactions at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on OTIS shares. UBS Group started coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Morgan Stanley started 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. Wells Fargo & Company reduced their price target 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. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target 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.