FORA Capital LLC Sells 3,500 Shares of Otis Worldwide Co. (NYSE:OTIS)

FORA Capital LLC cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 16.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,464 shares of the company’s stock after selling 3,500 shares during the quarter. FORA Capital LLC’s holdings in Otis Worldwide were worth $1,815,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Hancock Whitney Corp boosted its holdings in shares of Otis Worldwide by 4.6% in the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock valued at $253,000 after buying an additional 111 shares during the last quarter. Optas LLC lifted its stake in Otis Worldwide by 2.2% in the third quarter. Optas LLC now owns 5,522 shares of the company’s stock valued at $574,000 after acquiring an additional 118 shares during the last quarter. Brighton Jones LLC lifted its stake in Otis Worldwide by 5.0% in the second quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock valued at $248,000 after acquiring an additional 124 shares during the last quarter. Park Avenue Securities LLC grew its position in shares of Otis Worldwide by 0.9% in the 2nd quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock valued at $1,437,000 after acquiring an additional 127 shares during the period. Finally, Resonant Capital Advisors LLC increased its stake in shares of Otis Worldwide by 4.6% during the 2nd quarter. Resonant Capital Advisors LLC now owns 3,426 shares of the company’s stock worth $330,000 after purchasing an additional 150 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.23% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Wells Fargo & Company reduced their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. UBS Group assumed coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Finally, Barclays decreased their price objective on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $104.57.

Otis Worldwide Stock Up 0.5 %

Shares of Otis Worldwide stock opened at $102.52 on Thursday. The company has a 50-day simple moving average of $101.63 and a two-hundred day simple moving average of $97.73. Otis Worldwide Co. has a twelve month low of $83.99 and a twelve month high of $106.33. The stock has a market capitalization of $40.95 billion, a price-to-earnings ratio of 25.57 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share 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 analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.95 earnings per share. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

About Otis Worldwide

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.