Kestra Advisory Services LLC Acquires 21,902 Shares of Otis Worldwide Corporation $OTIS

Kestra Advisory Services LLC grew its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 68.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 53,817 shares of the company’s stock after buying an additional 21,902 shares during the quarter. Kestra Advisory Services LLC’s holdings in Otis Worldwide were worth $3,461,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. acquired a new position in Otis Worldwide during the 2nd quarter worth about $2,264,017,000. State Street Corp increased its position in Otis Worldwide by 2.9% in the 2nd quarter. State Street Corp now owns 16,664,994 shares of the company’s stock valued at $1,193,214,000 after acquiring an additional 463,491 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Otis Worldwide in the second quarter worth about $423,739,000. Van ECK Associates Corp raised its stake in shares of Otis Worldwide by 0.6% in 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 during the last quarter. Finally, Canoe Financial LP raised its stake in shares of Otis Worldwide by 4.7% in the third quarter. Canoe Financial LP now owns 3,188,862 shares of the company’s stock worth $205,618,000 after acquiring an additional 144,386 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Insider Activity at Otis Worldwide

In related news, insider Joseph Armas sold 835 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider directly owned 2,155 shares of the company’s stock, valued at $167,529.70. The trade was a 27.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.14% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of research reports. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating on the stock in a research report on Thursday, October 29th. Weiss Ratings reissued a “hold (c-)” rating on shares of Otis Worldwide in a report on Tuesday. Evercore restated an “outperform” rating and issued a $95.00 price objective on shares of Otis Worldwide in a research report on Thursday, July 23rd. Royal Bank Of Canada set a $90.00 price objective on Otis Worldwide in a report on Tuesday, July 28th. Finally, Morgan Stanley set a $75.00 price objective on Otis Worldwide in a report on Monday, August 10th. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and an average target price of $91.20.

Otis Worldwide Trading Up 0.5%

Otis Worldwide stock traded up $0.39 during mid-day trading on Friday, hitting $77.53. The stock had a trading volume of 2,578,214 shares, compared to its average volume of 4,837,443. The stock has a 50-day simple moving average of $71.03 and a two-hundred day simple moving average of $75.85. The stock has a market capitalization of $29.52 billion, a PE ratio of 19.29, a P/E/G ratio of 2.80 and a beta of 0.87. Otis Worldwide Corporation has a 12 month low of $63.58 and a 12 month high of $94.57.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 28th. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.04. Otis Worldwide had a negative return on equity of 28.45% and a net margin of 10.28%. The firm had revenue of $3.91 billion during the quarter, compared to analysts’ expectations of $3.85 billion. During the same period in the previous year, the business posted $1.05 EPS. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. Sell-side analysts expect that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be given a dividend of $0.44 per share. The ex-dividend date is Friday, November 13th. This represents a $1.76 annualized dividend and a dividend yield of 2.3%. Otis Worldwide’s payout ratio is currently 43.78%.

Otis Worldwide Company Profile

Otis Worldwide designs, manufactures, installs, services, and modernizes elevators, escalators, and moving walkways. Its equipment is used in residential, commercial, infrastructure, and institutional buildings, including offices, hotels, hospitals, and transit systems. The company also provides maintenance, repair, and modernization services for its own equipment and products made by other manufacturers. These services help building owners and operators maintain the safety, reliability, and performance of vertical transportation systems.