Otis Worldwide Corporation $OTIS Stock Position Reduced by Liberty Capital Management Inc.

Liberty Capital Management Inc. lowered its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 25.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,884 shares of the company’s stock after selling 9,123 shares during the period. Liberty Capital Management Inc.’s holdings in Otis Worldwide were worth $1,729,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in OTIS. BlackRock Inc. bought a new position in shares of Otis Worldwide in the second quarter worth $2,264,017,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Otis Worldwide during the second quarter valued at about $423,739,000. Canada Pension Plan Investment Board acquired a new stake in Otis Worldwide in the second quarter worth about $223,003,000. Bank of New York Mellon Corp acquired a new stake in Otis Worldwide in the second quarter worth about $196,298,000. Finally, Bank of America Corp DE acquired a new stake in Otis Worldwide in the second quarter worth about $189,233,000. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on OTIS. Sanford C. Bernstein increased their target price on shares of Otis Worldwide from $90.00 to $94.00 and gave the company an “outperform” rating in a research report on Thursday, October 29th. Weiss Ratings restated a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a research note on Monday, August 10th. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating for the company in a research note on Thursday, October 29th. Finally, Evercore reiterated an “outperform” rating and issued a $95.00 price objective on shares of Otis Worldwide in a report on Thursday, July 23rd. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $91.20.

Insider Activity

In other news, insider Joseph Armas sold 835 shares of Otis Worldwide stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $77.74, for a total value of $64,912.90. Following the transaction, the insider owned 2,155 shares of the company’s stock, valued at $167,529.70. The trade was a 27.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.14% of the stock is owned by corporate insiders.

Otis Worldwide Stock Down 0.4%

Shares of Otis Worldwide stock opened at $79.49 on Friday. The firm has a market cap of $30.26 billion, a price-to-earnings ratio of 19.77, a price-to-earnings-growth ratio of 2.89 and a beta of 0.87. The business has a fifty day simple moving average of $70.22 and a 200-day simple moving average of $76.21. Otis Worldwide Corporation has a fifty-two week low of $63.58 and a fifty-two week high of $94.57.

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

Otis Worldwide Announces Dividend

The firm also recently disclosed 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 2.2%. Otis Worldwide’s dividend payout ratio (DPR) is 43.78%.

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.