Apollon Wealth Management LLC Lowers Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Apollon Wealth Management LLC decreased its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 12.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,570 shares of the company’s stock after selling 959 shares during the period. Apollon Wealth Management LLC’s holdings in Otis Worldwide were worth $683,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Riverview Trust Co purchased a new position in Otis Worldwide in the third quarter valued at approximately $25,000. Meeder Asset Management Inc. raised its holdings in Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after acquiring an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. boosted its stake in Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after acquiring an additional 286 shares during the last quarter. Cranbrook Wealth Management LLC grew its holdings in Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after acquiring an additional 250 shares in the last quarter. Finally, Northwest Investment Counselors LLC bought a new stake in Otis Worldwide in the third quarter valued at about $28,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OTIS has been the subject of several recent research reports. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Barclays dropped their price objective on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Finally, Morgan Stanley started coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $104.57.

Insider Activity

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 transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 0.2 %

Shares of OTIS opened at $99.10 on Friday. The firm has a market capitalization of $39.59 billion, a PE ratio of 24.71 and a beta of 1.04. The firm has a 50-day moving average price of $100.41 and a 200 day moving average price of $97.27. Otis Worldwide Co. has a 52-week low of $83.21 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted 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 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 business earned $0.95 earnings per share. The company’s revenue was up .7% on a year-over-year basis. On average, equities analysts expect that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio is presently 38.90%.

Otis Worldwide 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.