Otis Worldwide Corporation $OTIS Stake Reduced by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 3.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 794,421 shares of the company’s stock after selling 31,645 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.21% of Otis Worldwide worth $51,097,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Veritas Asset Management LLP bought a new stake in shares of Otis Worldwide during the 2nd quarter worth $7,565,000. Envestnet Asset Management Inc. raised its position in shares of Otis Worldwide by 36.8% during the second quarter. Envestnet Asset Management Inc. now owns 634,538 shares of the company’s stock worth $45,433,000 after purchasing an additional 170,600 shares during the period. State Street Corp raised its position in shares of Otis Worldwide by 2.9% during the second quarter. State Street Corp now owns 16,664,994 shares of the company’s stock worth $1,193,214,000 after purchasing an additional 463,491 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Otis Worldwide by 128.8% during the third quarter. Assenagon Asset Management S.A. now owns 412,369 shares of the company’s stock worth $26,524,000 after purchasing an additional 232,164 shares during the period. Finally, National Pension Service lifted its holdings in shares of Otis Worldwide by 16.6% during the second quarter. National Pension Service now owns 761,439 shares of the company’s stock valued at $54,519,000 after purchasing an additional 108,638 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Up 3.9%

Shares of NYSE:OTIS opened at $79.78 on Thursday. The company’s fifty day moving average is $70.08 and its two-hundred day moving average is $76.26. Otis Worldwide Corporation has a 12-month low of $63.58 and a 12-month high of $94.57. The company has a market cap of $30.37 billion, a P/E ratio of 19.85, a price-to-earnings-growth ratio of 2.78 and a beta of 0.87.

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

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, November 13th. Otis Worldwide’s payout ratio is presently 43.78%.

Insider Transactions at Otis Worldwide

In related news, insider Joseph Armas sold 835 shares of the stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $77.74, for a total value of $64,912.90. Following the completion of the sale, the insider directly owned 2,155 shares of the company’s stock, valued at approximately $167,529.70. This represents a 27.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.14% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on OTIS. Sanford C. Bernstein increased their price target on Otis Worldwide from $90.00 to $94.00 and gave the company an “outperform” rating in a research report on Thursday, October 29th. Wells Fargo & Company cut 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 price objective on shares of Otis Worldwide in a research note on Tuesday, July 28th. Morgan Stanley set a $75.00 target price on shares of Otis Worldwide in a report on Monday, August 10th. Finally, Evercore reissued an “outperform” rating and issued a $95.00 target price on shares of Otis Worldwide in a research report on Thursday, July 23rd. Four investment 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.com, the stock has a consensus rating of “Hold” and an average price target of $91.20.

Otis Worldwide Profile

Otis Worldwide Corporation (NYSE: OTIS) is a global manufacturer and service provider for the elevator and escalator industry. The company designs, manufactures, installs, modernizes and maintains elevators, escalators and moving walkways for commercial buildings, residential developments, transportation hubs and other infrastructure projects.

Otis provides equipment for new construction as well as maintenance, repair and modernization services for existing systems. Its service operations support equipment from Otis and other manufacturers, helping building owners and operators manage the safety, performance and lifecycle of vertical transportation systems.

The company traces its history to 1853, when Elisha Otis demonstrated a safety device for elevators.