Ashton Thomas Securities LLC Invests $29,000 in Otis Worldwide Co. (NYSE:OTIS)

Ashton Thomas Securities LLC acquired a new stake in shares of 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 institutional investor acquired 281 shares of the company’s stock, valued at approximately $29,000.

Other hedge funds have also recently bought and sold shares of the company. Riverview Trust Co purchased a new position in shares of Otis Worldwide during the 3rd quarter worth $25,000. Meeder Asset Management Inc. lifted its position in Otis Worldwide by 264.9% during 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 period. Jamison Private Wealth Management Inc. boosted its stake in Otis Worldwide by 5,720.0% in the 2nd 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 grew its holdings in Otis Worldwide by 675.7% in 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 period. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Otis Worldwide during the 3rd quarter valued at about $28,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on OTIS shares. Barclays lowered their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Morgan Stanley assumed coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. UBS Group began coverage on Otis Worldwide in a research note on Wednesday. They set a “neutral” rating and a $113.00 price target for the company. Finally, Wells Fargo & Company reduced their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average price target of $104.57.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $99.72 on Friday. Otis Worldwide Co. has a 1-year low of $83.21 and a 1-year high of $106.33. The company has a market capitalization of $39.83 billion, a price-to-earnings ratio of 24.87 and a beta of 1.04. The business has a 50-day moving average of $100.11 and a 200-day moving average of $97.21.

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

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.56%. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.23% of the stock is currently owned by corporate insiders.

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.