Bleakley Financial Group LLC Sells 357 Shares of Otis Worldwide Co. (NYSE:OTIS)

Bleakley Financial Group LLC lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,921 shares of the company’s stock after selling 357 shares during the period. Bleakley Financial Group LLC’s holdings in Otis Worldwide were worth $823,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Nordea Investment Management AB lifted its stake in Otis Worldwide by 19.6% in the first quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock valued at $46,138,000 after acquiring an additional 75,878 shares during the last quarter. First Eagle Investment Management LLC lifted its stake in Otis Worldwide by 173.7% in the 1st quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock valued at $1,990,000 after purchasing an additional 12,722 shares during the last quarter. Appian Way Asset Management LP bought a new position in Otis Worldwide during the second quarter worth about $991,000. Cetera Investment Advisers increased its position in Otis Worldwide by 259.1% during the first quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock worth $4,603,000 after buying an additional 33,457 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in Otis Worldwide by 0.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,009,178 shares of the company’s stock valued at $100,181,000 after buying an additional 9,145 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.8 %

Shares of NYSE:OTIS opened at $106.01 on Monday. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $106.33. The company’s 50 day moving average price is $97.42 and its two-hundred day moving average price is $96.61. The firm has a market cap of $42.46 billion, a PE ratio of 29.61 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same period in the prior year, the company posted $0.92 EPS. The company’s revenue was down 3.2% compared to the same quarter last year. On average, research analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s payout ratio is presently 43.58%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on OTIS shares. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Morgan Stanley began 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 objective on the stock. Wells Fargo & Company upped their price target 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. Finally, Barclays raised their price objective on shares of Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $102.71.

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.