Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. raised its stake in Otis Worldwide Co. (NYSE:OTIS) by 9.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,120 shares of the company’s stock after acquiring an additional 1,788 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Otis Worldwide were worth $2,091,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in OTIS. Nordea Investment Management AB boosted its position in shares of Otis Worldwide by 19.6% in the first quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock worth $46,138,000 after buying an additional 75,878 shares during the period. First Eagle Investment Management LLC boosted its holdings in Otis Worldwide by 173.7% in the first quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock valued at $1,990,000 after purchasing an additional 12,722 shares during the last quarter. Appian Way Asset Management LP purchased a new position in Otis Worldwide in the second quarter valued at about $991,000. Cetera Investment Advisers boosted its holdings in Otis Worldwide by 259.1% in the first quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after purchasing an additional 33,457 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in Otis Worldwide by 37.5% in the first quarter. SG Americas Securities LLC now owns 159,478 shares of the company’s stock valued at $15,831,000 after purchasing an additional 43,485 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $99.44 on Friday. Otis Worldwide Co. has a 12-month low of $77.51 and a 12-month high of $106.33. The firm has a market capitalization of $39.83 billion, a price-to-earnings ratio of 24.80 and a beta of 1.03. The business has a 50 day simple moving average of $99.11 and a 200 day simple moving average of $96.89.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the company earned $0.95 earnings per share. On average, equities analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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 paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s payout ratio is currently 38.90%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Morgan Stanley assumed coverage on Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Barclays cut their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research note on Thursday. Wells Fargo & Company cut their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $102.00.

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.