Creative Planning Cuts Position in Otis Worldwide Co. (NYSE:OTIS)

Creative Planning trimmed its position in Otis Worldwide Co. (NYSE:OTIS) by 3.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 149,781 shares of the company’s stock after selling 5,592 shares during the quarter. Creative Planning’s holdings in Otis Worldwide were worth $15,568,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of OTIS. Meeder Asset Management Inc. grew its stake in Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after purchasing an additional 196 shares in the last quarter. Cranbrook Wealth Management LLC grew its stake in Otis Worldwide by 675.7% during the 2nd 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. Jamison Private Wealth Management Inc. grew its stake in Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares in the last quarter. Hantz Financial Services Inc. acquired a new stake in Otis Worldwide during the 2nd quarter valued at approximately $29,000. Finally, Versant Capital Management Inc grew its stake in Otis Worldwide by 125.0% during the 2nd quarter. Versant Capital Management Inc now owns 369 shares of the company’s stock valued at $36,000 after purchasing an additional 205 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Wells Fargo & Company lifted their target price on Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Morgan Stanley assumed coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Barclays lifted their target price on 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 issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $102.71.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $105.52 on Tuesday. The business’s fifty day moving average price is $97.69 and its two-hundred day moving average price is $96.67. The company has a market capitalization of $42.66 billion, a P/E ratio of 30.50 and a beta of 1.03. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. During the same period last year, the firm earned $0.92 EPS. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, research analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.48%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

Otis Worldwide Company 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.