32,350 Otis Worldwide Corporation $OTIS Shares Sold by Jefferies Financial Group Inc.

Jefferies Financial Group Inc. reduced its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 16.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 160,886 shares of the company’s stock after selling 32,350 shares during the period. Jefferies Financial Group Inc.’s holdings in Otis Worldwide were worth $10,348,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of Otis Worldwide during the 2nd quarter valued at $2,264,017,000. State Street Corp lifted its stake in shares of 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 purchasing an additional 463,491 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Otis Worldwide in the 2nd quarter worth $423,739,000. Van ECK Associates Corp boosted its position in shares of Otis Worldwide by 0.6% in the 2nd quarter. Van ECK Associates Corp now owns 3,993,011 shares of the company’s stock worth $285,900,000 after purchasing an additional 24,914 shares during the last quarter. Finally, Canoe Financial LP boosted its position in shares of Otis Worldwide by 4.7% in the 3rd quarter. Canoe Financial LP now owns 3,188,862 shares of the company’s stock worth $205,618,000 after purchasing an additional 144,386 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Wells Fargo & Company dropped their price objective on Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating for the company in a report on Thursday, October 29th. Royal Bank Of Canada set a $90.00 target price on Otis Worldwide in a report on Tuesday, July 28th. Weiss Ratings restated a “hold (c-)” rating on shares of Otis Worldwide in a report on Tuesday. Morgan Stanley set a $75.00 target price on Otis Worldwide in a research report on Monday, August 10th. Finally, Sanford C. Bernstein upped their price target on Otis Worldwide from $90.00 to $94.00 and gave the company an “outperform” rating in a research note on Thursday, October 29th. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $91.20.

Insider Buying and Selling

In other news, insider Joseph Armas sold 835 shares of the stock in a transaction dated 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 transaction, the insider directly owned 2,155 shares in the company, valued at $167,529.70. This represents a 27.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.14% of the stock is owned by company insiders.

Otis Worldwide Trading Down 0.9%

OTIS opened at $77.43 on Thursday. The stock has a market capitalization of $29.48 billion, a P/E ratio of 19.26, a P/E/G ratio of 2.83 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. The firm’s fifty day simple moving average is $70.78 and its 200 day simple moving average is $75.98.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share (EPS) 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 analyst estimates of $3.85 billion. Otis Worldwide had a negative return on equity of 28.45% and a net margin of 10.28%. Otis Worldwide’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.05 EPS. On average, equities research analysts predict that Otis Worldwide Corporation will post 4.03 EPS 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. Shareholders of record on Friday, November 13th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.76 annualized dividend and a yield of 2.3%. Otis Worldwide’s payout ratio is 43.78%.

About Otis Worldwide

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.