Inspire Trust Co. N.A. Purchases 71,000 Shares of Otis Worldwide Corporation $OTIS

Inspire Trust Co. N.A. purchased a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 71,000 shares of the company’s stock, valued at approximately $4,567,000.

A number of other hedge funds also recently modified their holdings of OTIS. Veritas Asset Management LLP acquired a new position in shares of Otis Worldwide in the second quarter worth approximately $7,565,000. Envestnet Asset Management Inc. lifted its position in shares of Otis Worldwide by 36.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 634,538 shares of the company’s stock worth $45,433,000 after purchasing an additional 170,600 shares during the period. State Street Corp lifted its position in shares of Otis Worldwide by 2.9% in the 2nd quarter. State Street Corp now owns 16,664,994 shares of the company’s stock worth $1,193,214,000 after purchasing an additional 463,491 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Otis Worldwide by 128.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 412,369 shares of the company’s stock valued at $26,524,000 after purchasing an additional 232,164 shares during the last quarter. Finally, Bank Pictet & Cie Europe AG increased its position in shares of Otis Worldwide by 154.6% during the third quarter. Bank Pictet & Cie Europe AG now owns 32,851 shares of the company’s stock worth $2,113,000 after buying an additional 19,947 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In related news, insider Joseph Armas sold 835 shares of the stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $77.74, for a total transaction of $64,912.90. Following the completion of the transaction, the insider owned 2,155 shares in the company, valued at approximately $167,529.70. This represents a 27.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.14% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on OTIS shares. Sanford C. Bernstein lifted their target price on Otis Worldwide from $90.00 to $94.00 and gave the stock an “outperform” rating in a report on Thursday, October 29th. Royal Bank Of Canada set a $90.00 price objective on shares of Otis Worldwide in a research note on Tuesday, July 28th. Evercore reissued an “outperform” rating and set a $95.00 target price on shares of Otis Worldwide in a research note on Thursday, July 23rd. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating for the company in a report on Thursday, October 29th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Otis Worldwide in a report on Tuesday. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $91.20.

Otis Worldwide Trading Down 1.0%

Shares of OTIS stock opened at $78.02 on Wednesday. The firm has a market capitalization of $29.70 billion, a PE ratio of 19.41, a price-to-earnings-growth ratio of 2.86 and a beta of 0.87. The firm has a fifty day simple moving average of $70.65 and a two-hundred day simple moving average of $76.05. Otis Worldwide Corporation has a 12 month low of $63.58 and a 12 month high of $94.57.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 28th. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.04. Otis Worldwide had a negative return on equity of 28.45% and a net margin of 10.28%. The business had revenue of $3.91 billion during the quarter, compared to analyst estimates of $3.85 billion. During the same period in the prior year, the firm posted $1.05 EPS. Otis Worldwide’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, equities analysts predict that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Friday, November 13th. Otis Worldwide’s payout ratio is presently 43.78%.

Otis Worldwide Company Profile

Otis Worldwide designs, manufactures, installs, services, and modernizes elevators, escalators, and moving walkways. Its equipment is used in residential, commercial, infrastructure, and institutional buildings, including offices, hotels, hospitals, and transit systems. The company also provides maintenance, repair, and modernization services for its own equipment and products made by other manufacturers. These services help building owners and operators maintain the safety, reliability, and performance of vertical transportation systems.