Otis Worldwide Corporation $OTIS Stock: Sumitomo Mitsui Trust Group Inc. Cuts Position

Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 3.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 794,421 shares of the company’s stock after selling 31,645 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Otis Worldwide were worth $51,097,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Otis Worldwide during the 2nd quarter valued at $2,264,017,000. State Street Corp increased its stake in shares of Otis Worldwide by 2.9% in the second quarter. State Street Corp now owns 16,664,994 shares of the company’s stock worth $1,193,214,000 after acquiring an additional 463,491 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Otis Worldwide during the second quarter worth $423,739,000. Van ECK Associates Corp raised its holdings in shares of Otis Worldwide by 0.6% during the second quarter. Van ECK Associates Corp now owns 3,993,011 shares of the company’s stock worth $285,900,000 after acquiring an additional 24,914 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Otis Worldwide during the second quarter worth $223,003,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Buying and Selling

In other Otis Worldwide news, insider Joseph Armas sold 835 shares of the stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $77.74, for a total transaction of $64,912.90. Following the transaction, the insider directly owned 2,155 shares of the company’s stock, valued at $167,529.70. This represents a 27.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.14% of the stock is owned by insiders.

Analyst Ratings Changes

OTIS has been the topic of a number of recent research reports. Morgan Stanley set a $75.00 target price on Otis Worldwide in a research note on Monday, August 10th. Wells Fargo & Company dropped their target price on Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating on the stock in a research report on Thursday, October 29th. Sanford C. Bernstein raised their price target on Otis Worldwide from $90.00 to $94.00 and gave the stock an “outperform” rating in a research note on Thursday, October 29th. Royal Bank Of Canada set a $90.00 price target on Otis Worldwide in a report on Tuesday, July 28th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $91.20.

Otis Worldwide Stock Up 3.9%

OTIS stock opened at $79.78 on Thursday. The firm has a 50 day moving average of $70.08 and a two-hundred day moving average of $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 capitalization of $30.37 billion, a price-to-earnings ratio of 19.85, a P/E/G ratio of 2.78 and a beta of 0.87.

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

Otis Worldwide Dividend Announcement

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

Otis Worldwide Company 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.