Otis Worldwide Corporation $OTIS Stock Purchased by Kestra Advisory Services LLC

Kestra Advisory Services LLC boosted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 68.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,817 shares of the company’s stock after buying an additional 21,902 shares during the period. Kestra Advisory Services LLC’s holdings in Otis Worldwide were worth $3,461,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of OTIS. Orion Capital Management LLC bought a new position in shares of Otis Worldwide during the 2nd quarter worth about $27,000. MidFirst Bank bought a new stake in Otis Worldwide in the second quarter valued at about $28,000. Mowery & Schoenfeld Wealth Management LLC bought a new stake in Otis Worldwide in the second quarter valued at about $28,000. Elevation Wealth Partners LLC raised its position in Otis Worldwide by 1,910.0% in the second quarter. Elevation Wealth Partners LLC now owns 402 shares of the company’s stock worth $29,000 after purchasing an additional 382 shares in the last quarter. Finally, Addison Advisors LLC acquired a new position in Otis Worldwide in the second quarter worth about $29,000. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on OTIS. Wells Fargo & Company decreased their price objective on Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating on the stock in a report on Thursday, October 29th. Royal Bank Of Canada set a $90.00 target price on Otis Worldwide in a report on Tuesday, July 28th. Morgan Stanley set a $75.00 target price on Otis Worldwide in a report on Monday, August 10th. Weiss Ratings restated a “hold (c-)” rating on shares of Otis Worldwide in a research report on Tuesday. Finally, Evercore reaffirmed an “outperform” rating and issued a $95.00 price target on shares of Otis Worldwide in a research note on Thursday, July 23rd. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $91.20.

Insider Buying and Selling at Otis Worldwide

In other news, insider Joseph Armas sold 835 shares of Otis Worldwide stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $77.74, for a total value of $64,912.90. Following the completion of the transaction, the insider owned 2,155 shares in the company, valued at approximately $167,529.70. The trade was a 27.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.14% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS traded up $0.39 during trading hours on Friday, hitting $77.53. The stock had a trading volume of 2,578,214 shares, compared to its average volume of 4,837,443. The stock has a market capitalization of $29.52 billion, a price-to-earnings ratio of 19.29, a P/E/G ratio of 2.80 and a beta of 0.87. The company’s fifty day moving average is $71.03 and its two-hundred day moving average is $75.85. Otis Worldwide Corporation has a 52 week low of $63.58 and a 52 week high of $94.57.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.04. Otis Worldwide had a net margin of 10.28% and a negative return on equity of 28.45%. The firm had revenue of $3.91 billion during the quarter, compared to the consensus estimate of $3.85 billion. During the same period last year, the firm posted $1.05 EPS. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. Equities analysts predict that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.76 annualized dividend and a dividend yield of 2.3%. Otis Worldwide’s dividend payout ratio (DPR) is presently 43.78%.

Otis Worldwide Company Profile

Otis Worldwide designs, manufactures, installs, services, and modernizes elevators, escalators, and moving walkways. Its equipment is used in residential, commercial, infrastructure, and institutional buildings, including offices, hotels, hospitals, and transit systems. The company also provides maintenance, repair, and modernization services for its own equipment and products made by other manufacturers. These services help building owners and operators maintain the safety, reliability, and performance of vertical transportation systems.