Surevest LLC Trims Stake in Otis Worldwide (NASDAQ:OTIS)

Surevest LLC lessened its holdings in shares of Otis Worldwide (NASDAQ:OTIS) by 28.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 9,637 shares of the company’s stock after selling 3,759 shares during the quarter. Surevest LLC’s holdings in Otis Worldwide were worth $602,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Core Alternative Capital purchased a new position in Otis Worldwide during the 2nd quarter valued at $25,000. Independence Bank of Kentucky bought a new position in shares of Otis Worldwide in the second quarter worth about $26,000. Sowa Financial Group Inc. bought a new position in shares of Otis Worldwide in the second quarter worth about $26,000. Truehand Inc purchased a new position in Otis Worldwide in the 2nd quarter worth about $27,000. Finally, Gradient Investments LLC bought a new stake in Otis Worldwide during the 2nd quarter valued at about $27,000.

OTIS stock traded down $0.17 during trading on Friday, reaching $65.03. 1,047,539 shares of the company traded hands, compared to its average volume of 3,564,779. The company’s 50 day moving average price is $62.47. Otis Worldwide has a 12 month low of $38.00 and a 12 month high of $66.00. The company has a market capitalization of $28.16 billion and a P/E ratio of 33.87.

Otis Worldwide (NASDAQ:OTIS) last released its quarterly earnings results on Tuesday, July 28th. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.12. The firm had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $2.92 billion. The business’s quarterly revenue was down 9.6% on a year-over-year basis.

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Friday, November 20th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.23%. The ex-dividend date is Thursday, November 19th. Otis Worldwide’s dividend payout ratio is currently 41.67%.

OTIS has been the topic of a number of research reports. Wolfe Research raised shares of Otis Worldwide from a “peer perform” rating to an “outperform” rating in a research report on Thursday, September 24th. JPMorgan Chase & Co. lifted their target price on Otis Worldwide from $75.00 to $79.00 and gave the company an “overweight” rating in a research report on Wednesday, October 7th. HSBC initiated coverage on Otis Worldwide in a research report on Monday, June 29th. They set a “reduce” rating and a $44.00 price target on the stock. Zacks Investment Research upgraded Otis Worldwide from a “sell” rating to a “hold” rating and set a $71.00 price target on the stock in a research note on Tuesday, August 4th. Finally, Credit Suisse Group upped their price objective on shares of Otis Worldwide from $55.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. Otis Worldwide has a consensus rating of “Hold” and an average target price of $62.63.

About Otis Worldwide

There is no company description available for Otis Worldwide Corp.

Featured Article: Why is momentum important to successful trading?

Want to see what other hedge funds are holding OTIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Otis Worldwide (NASDAQ:OTIS).

Institutional Ownership by Quarter for Otis Worldwide (NASDAQ:OTIS)

Receive News & Ratings for Otis Worldwide Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Otis Worldwide and related companies with MarketBeat.com's FREE daily email newsletter.