Surevest LLC Lowers Position in Otis Worldwide (NASDAQ:OTIS)

Surevest LLC decreased its position in shares of Otis Worldwide (NASDAQ:OTIS) by 28.1% during the third quarter, according to its most recent filing with the SEC. The firm owned 9,637 shares of the company’s stock after selling 3,759 shares during the period. Surevest LLC’s holdings in Otis Worldwide were worth $602,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Diversified Trust Co grew its position in shares of Otis Worldwide by 38.5% in the 3rd quarter. Diversified Trust Co now owns 6,980 shares of the company’s stock worth $436,000 after buying an additional 1,942 shares during the period. Steigerwald Gordon & Koch Inc. grew its holdings in Otis Worldwide by 49.9% in the third quarter. Steigerwald Gordon & Koch Inc. now owns 66,540 shares of the company’s stock worth $4,153,000 after purchasing an additional 22,136 shares during the period. Martin Investment Management LLC increased its stake in shares of Otis Worldwide by 12.3% during the third quarter. Martin Investment Management LLC now owns 44,330 shares of the company’s stock valued at $2,767,000 after purchasing an additional 4,845 shares in the last quarter. Avantax Advisory Services Inc. lifted its holdings in shares of Otis Worldwide by 28.6% during the third quarter. Avantax Advisory Services Inc. now owns 10,989 shares of the company’s stock valued at $682,000 after purchasing an additional 2,446 shares during the last quarter. Finally, DNB Asset Management AS boosted its position in shares of Otis Worldwide by 5.2% in the 3rd quarter. DNB Asset Management AS now owns 87,911 shares of the company’s stock worth $5,487,000 after purchasing an additional 4,338 shares in the last quarter.

A number of brokerages have issued reports on OTIS. Credit Suisse Group lifted their price objective on Otis Worldwide from $55.00 to $66.00 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. Wolfe Research upgraded shares of Otis Worldwide from a “peer perform” rating to an “outperform” rating in a research note on Thursday, September 24th. JPMorgan Chase & Co. increased their price objective on shares of Otis Worldwide from $75.00 to $79.00 and gave the company an “overweight” rating in a research report on Wednesday, October 7th. Zacks Investment Research raised shares of Otis Worldwide from a “sell” rating to a “hold” rating and set a $71.00 target price for the company in a report on Tuesday, August 4th. Finally, HSBC assumed coverage on shares of Otis Worldwide in a research note on Monday, June 29th. They issued a “reduce” rating and a $44.00 target price on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $62.63.

Shares of OTIS stock traded down $0.17 during trading hours on Friday, reaching $65.03. The company had a trading volume of 1,047,539 shares, compared to its average volume of 3,564,779. The firm has a market capitalization of $28.16 billion and a price-to-earnings ratio of 33.87. The business has a fifty day moving average of $62.47. Otis Worldwide has a one year low of $38.00 and a one year high of $66.00.

Otis Worldwide (NASDAQ:OTIS) last posted its earnings results on Tuesday, July 28th. The company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.12. The company had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $2.92 billion. The firm’s revenue was down 9.6% on a year-over-year basis.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Friday, November 20th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date is Thursday, November 19th. Otis Worldwide’s dividend payout ratio is 41.67%.

About Otis Worldwide

There is no company description available for Otis Worldwide Corp.

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Institutional Ownership by Quarter for Otis Worldwide (NASDAQ:OTIS)

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