Otis Worldwide Corporation $OTIS Stock Bought by International Assets Investment Management LLC

Key Points

• Institutional buying increased: International Assets Investment Management LLC raised its Otis Worldwide stake by 1,583.7% in the third quarter to 33,000 shares valued at approximately $2.1 million. Institutional investors now own 88.03% of the company.
• Quarterly results exceeded expectations: Otis reported $1.05 in adjusted earnings per share versus the $1.01 consensus estimate, while revenue rose 6.1% year over year to $3.91 billion.
• Dividend and analyst outlook: Otis declared a quarterly dividend of $0.44 per share, equivalent to a 2.2% yield. Analysts’ average rating is “Hold,” with an average price target of $91.20 compared with the stock’s reported price of $78.59.

International Assets Investment Management LLC boosted its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 1,583.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 33,000 shares of the company's stock after buying an additional 31,040 shares during the quarter. International Assets Investment Management LLC's holdings in Otis Worldwide were worth $2,123,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. CHICAGO TRUST Co NA lifted its position in shares of Otis Worldwide by 18.2% during the third quarter. CHICAGO TRUST Co NA now owns 12,309 shares of the company's stock valued at $792,000 after purchasing an additional 1,899 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al grew its position in Otis Worldwide by 187.5% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 565,450 shares of the company's stock worth $36,370,000 after purchasing an additional 368,800 shares in the last quarter. Soltis Investment Advisors LLC increased its stake in Otis Worldwide by 2.4% in the 3rd quarter. Soltis Investment Advisors LLC now owns 7,598 shares of the company's stock valued at $489,000 after buying an additional 176 shares during the last quarter. Founders Financial Securities LLC increased its stake in Otis Worldwide by 19.2% in the 3rd quarter. Founders Financial Securities LLC now owns 47,697 shares of the company's stock valued at $3,068,000 after buying an additional 7,681 shares during the last quarter. Finally, Financial Solutions Advisory Group Inc. increased its stake in Otis Worldwide by 242.1% in the 3rd quarter. Financial Solutions Advisory Group Inc. now owns 21,083 shares of the company's stock valued at $1,504,000 after buying an additional 14,920 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Up 3.8%

OTIS opened at $78.59 on Tuesday. The stock has a market cap of $29.92 billion, a price-to-earnings ratio of 19.55, a PEG ratio of 2.56 and a beta of 0.87. Otis Worldwide Corporation has a twelve month low of $63.58 and a twelve month high of $94.57. The company's 50-day moving average price is $69.82 and its two-hundred day moving average price is $76.38.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.04. The company had revenue of $3.91 billion during the quarter, compared to analyst estimates of $3.85 billion. Otis Worldwide had a net margin of 10.28% and a negative return on equity of 28.45%. Otis Worldwide's quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.05 EPS. As a group, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a 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 several recent analyst reports. Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research report on Tuesday, July 28th. Morgan Stanley set a $75.00 price target on Otis Worldwide in a research report on Monday, August 10th. Wells Fargo & Company decreased their price target on Otis Worldwide from $77.00 to $75.00 and set an "underweight" rating for the company in a research report on Thursday, October 29th. Evercore reissued an "outperform" rating and issued a $95.00 price objective on shares of Otis Worldwide in a research report on Thursday, July 23rd. Finally, Sanford C. Bernstein upped their price objective on Otis Worldwide from $90.00 to $94.00 and gave the company an "outperform" rating in a research note on Thursday. Four 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's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $91.20.

Otis Worldwide Profile

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.

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