Rovin Capital UT ADV Purchases New Holdings in Otis Worldwide Co. (NYSE:OTIS)

Rovin Capital UT ADV acquired a new position in Otis Worldwide Co. (NYSE:OTIS) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,826 shares of the company’s stock, valued at approximately $294,000.

Other institutional investors have also recently bought and sold shares of the company. Riverview Trust Co purchased a new stake in shares of Otis Worldwide during the 3rd quarter worth approximately $25,000. Meeder Asset Management Inc. increased its position in Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after buying an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. increased its position in Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after buying an additional 286 shares during the last quarter. Cranbrook Wealth Management LLC lifted its position in shares of Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after buying an additional 250 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new position in shares of Otis Worldwide during the 3rd quarter worth $28,000. Institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Morgan Stanley started coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Barclays cut their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Finally, Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $102.00.

Insiders Place Their Bets

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.23% of the stock is owned by insiders.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $100.03 on Friday. The stock has a 50 day moving average price of $99.76 and a two-hundred day moving average price of $97.05. The company has a market capitalization of $39.96 billion, a P/E ratio of 24.95 and a beta of 1.04. Otis Worldwide Co. has a fifty-two week low of $80.49 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter last year, the company posted $0.95 earnings per share. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, equities analysts predict that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.56%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Otis Worldwide Company Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.