Assetmark Inc. Increases Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Assetmark Inc. lifted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 543.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 476 shares of the company’s stock after buying an additional 402 shares during the quarter. Assetmark Inc.’s holdings in Otis Worldwide were worth $49,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Appian Way Asset Management LP bought a new stake in Otis Worldwide during the 2nd quarter worth approximately $991,000. Cetera Investment Advisers increased its holdings in Otis Worldwide by 259.1% during the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock worth $4,603,000 after acquiring an additional 33,457 shares during the period. Natixis bought a new stake in Otis Worldwide during the 1st quarter worth approximately $3,722,000. Blair William & Co. IL increased its holdings in Otis Worldwide by 64.7% during the 2nd quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock worth $2,363,000 after acquiring an additional 9,643 shares during the period. Finally, Public Sector Pension Investment Board increased its holdings in Otis Worldwide by 3.2% during the 2nd quarter. Public Sector Pension Investment Board now owns 198,871 shares of the company’s stock worth $19,143,000 after acquiring an additional 6,259 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, 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 SEC, which is accessible through the SEC website. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $100.77 on Tuesday. Otis Worldwide Co. has a 52-week low of $83.66 and a 52-week high of $106.33. The stock has a market capitalization of $40.25 billion, a price-to-earnings ratio of 25.13 and a beta of 1.04. The company has a fifty day moving average of $100.59 and a 200-day moving average of $97.42.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share 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 analysts’ expectations of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the company earned $0.95 EPS. On average, equities research analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.55%. Otis Worldwide’s payout ratio is currently 38.90%.

Analysts Set New Price Targets

A number of brokerages have recently commented on OTIS. Morgan Stanley began coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target on the stock. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. UBS Group began coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Finally, Barclays decreased their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Eight 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, the stock presently has an average rating of “Hold” and an average 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.