Versant Capital Management Inc Acquires 478 Shares of Otis Worldwide Co. (NYSE:OTIS)

Versant Capital Management Inc grew its holdings in Otis Worldwide Co. (NYSE:OTIS) by 310.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 632 shares of the company’s stock after acquiring an additional 478 shares during the quarter. Versant Capital Management Inc’s holdings in Otis Worldwide were worth $59,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Riverview Trust Co bought a new stake in Otis Worldwide in the 3rd quarter valued at $25,000. Meeder Asset Management Inc. lifted its stake in shares of Otis Worldwide by 264.9% in 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. Cranbrook Wealth Management LLC grew 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 worth $28,000 after buying an additional 250 shares in the last quarter. Northwest Investment Counselors LLC bought a new position in Otis Worldwide during the third quarter valued at about $28,000. Finally, Ashton Thomas Securities LLC acquired a new position in Otis Worldwide in the 3rd quarter valued at approximately $29,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Activity

In other 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 value of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Up 0.7 %

Shares of NYSE OTIS opened at $92.89 on Monday. Otis Worldwide Co. has a 1-year low of $85.42 and a 1-year high of $106.33. The company has a 50-day moving average of $98.37 and a two-hundred day moving average of $97.56. The company has a market cap of $37.11 billion, a PE ratio of 23.16 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data 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 firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.95 EPS. As a group, equities research analysts forecast that Otis Worldwide Co. will post 3.86 earnings per share for the current 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 given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.68%. Otis Worldwide’s payout ratio is presently 38.90%.

Analyst Ratings Changes

A number of research firms have recently issued reports on OTIS. UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Barclays downgraded shares of Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price objective for the company. in a report on Thursday, December 5th. Wells Fargo & Company decreased 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 restated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $104.50.

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.