Otis Worldwide Corporation $OTIS Stock Acquired by Third View Private Wealth LLC

Third View Private Wealth LLC lifted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 25.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 69,753 shares of the company’s stock after buying an additional 14,220 shares during the period. Third View Private Wealth LLC’s holdings in Otis Worldwide were worth $4,487,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in OTIS. Provenance Wealth Advisors LLC lifted its position in Otis Worldwide by 3,065.1% during the 3rd quarter. Provenance Wealth Advisors LLC now owns 1,994 shares of the company’s stock worth $128,000 after acquiring an additional 1,931 shares during the period. VCI Wealth Management LLC acquired a new position in shares of Otis Worldwide in the third quarter valued at approximately $2,441,000. Coerente Capital Management raised its stake in shares of Otis Worldwide by 7.4% during the third quarter. Coerente Capital Management now owns 225,420 shares of the company’s stock worth $14,499,000 after purchasing an additional 15,535 shares during the last quarter. Heritage Investors Management Corp raised its stake in shares of Otis Worldwide by 2.1% during the third quarter. Heritage Investors Management Corp now owns 22,256 shares of the company’s stock worth $1,432,000 after purchasing an additional 465 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Otis Worldwide during the third quarter worth $6,192,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Down 1.9%

Shares of NYSE OTIS opened at $76.88 on Wednesday. The company’s 50-day moving average price is $69.91 and its 200 day moving average price is $76.31. Otis Worldwide Corporation has a 52 week low of $63.58 and a 52 week high of $94.57. The stock has a market cap of $29.27 billion, a price-to-earnings ratio of 19.13, a PEG ratio of 2.84 and a beta of 0.87.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $3.91 billion during the quarter, compared to analysts’ expectations of $3.85 billion. During the same quarter in the previous year, the business posted $1.05 earnings per share. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. As a group, research analysts expect that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed 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 dividend yield of 2.3%. The ex-dividend date is Friday, November 13th. Otis Worldwide’s payout ratio is currently 43.78%.

Wall Street Analyst Weigh In

OTIS has been the topic of several recent research reports. Evercore reissued an “outperform” rating and issued a $95.00 price objective on shares of Otis Worldwide in a research note on Thursday, July 23rd. Sanford C. Bernstein raised their target price on shares of Otis Worldwide from $90.00 to $94.00 and gave the stock an “outperform” rating in a research note on Thursday, October 29th. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating on the stock in a report on Thursday, October 29th. Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a research note on Monday, August 10th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $91.20.

About Otis Worldwide

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.