Otis Worldwide Corporation $OTIS Shares Sold by Liberty Capital Management Inc.

Liberty Capital Management Inc. cut its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 25.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm 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 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Kestra Advisory Services LLC raised its holdings in Otis Worldwide by 68.6% during the 3rd quarter. Kestra Advisory Services LLC now owns 53,817 shares of the company’s stock worth $3,461,000 after buying an additional 21,902 shares during the period. Covestor Ltd boosted its holdings in shares of Otis Worldwide by 68.4% in the third quarter. Covestor Ltd now owns 1,745 shares of the company’s stock worth $112,000 after buying an additional 709 shares during the period. Ascent Group LLC boosted its holdings in shares of Otis Worldwide by 38.8% in the third quarter. Ascent Group LLC now owns 6,662 shares of the company’s stock worth $429,000 after buying an additional 1,861 shares during the period. Rakuten Investment Management Inc. boosted its holdings in shares of Otis Worldwide by 8.8% in the third quarter. Rakuten Investment Management Inc. now owns 69,407 shares of the company’s stock worth $4,555,000 after buying an additional 5,620 shares during the period. Finally, Markel Group Inc. increased its position in shares of Otis Worldwide by 9.0% in the third quarter. Markel Group Inc. now owns 145,620 shares of the company’s stock worth $9,366,000 after acquiring an additional 12,000 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Joseph Armas sold 835 shares of the firm’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 in the company, valued at approximately $167,529.70. This trade represents a 27.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.14% of the stock is owned by company insiders.

Otis Worldwide Trading Down 0.4%

Shares of Otis Worldwide stock opened at $79.49 on Friday. The stock has a 50-day moving average price of $70.22 and a 200 day moving average price of $76.21. The company has a market cap of $30.26 billion, a P/E ratio of 19.77, a P/E/G ratio of 2.89 and a beta of 0.87. Otis Worldwide Corporation has a 1 year low of $63.58 and a 1 year high of $94.57.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 28th. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $3.85 billion. During the same period last year, the company posted $1.05 EPS. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, equities analysts forecast that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business 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 $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, November 13th. Otis Worldwide’s dividend payout ratio is 43.78%.

Analyst Ratings Changes

OTIS has been the topic of a number of recent analyst reports. Royal Bank Of Canada set a $90.00 price target on shares of Otis Worldwide in a report on Tuesday, July 28th. Sanford C. Bernstein raised their price objective 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. Morgan Stanley set a $75.00 price objective on shares of Otis Worldwide in a research note on Monday, August 10th. Evercore reiterated an “outperform” rating and set a $95.00 price objective on shares of Otis Worldwide in a research report on Thursday, July 23rd. Finally, Weiss Ratings reissued 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 assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target 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.