Courier Capital LLC Lowers Position in Otis Worldwide Co. (NASDAQ:OTIS)

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Courier Capital LLC lessened its holdings in Otis Worldwide Co. (NASDAQ:OTIS) by 45.4% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,774 shares of the company’s stock after selling 11,452 shares during the period. Courier Capital LLC’s holdings in Otis Worldwide were worth $876,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. bought a new stake in Otis Worldwide during the 2nd quarter valued at approximately $2,219,018,000. FMR LLC acquired a new position in Otis Worldwide in the second quarter valued at about $364,331,000. Bank of New York Mellon Corp acquired a new position in Otis Worldwide in the second quarter valued at about $335,666,000. AKO Capital LLP acquired a new position in Otis Worldwide in the second quarter valued at about $304,376,000. Finally, Deccan Value Investors L.P. acquired a new position in Otis Worldwide in the second quarter valued at about $252,902,000.

Shares of OTIS opened at $67.39 on Tuesday. Otis Worldwide Co. has a 1 year low of $38.00 and a 1 year high of $67.64. The company has a market cap of $29.19 billion and a price-to-earnings ratio of 35.10. The firm has a fifty day moving average of $63.70 and a 200-day moving average of $59.47.

Otis Worldwide (NASDAQ:OTIS) last announced its quarterly earnings results on Saturday, October 31st. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.13. The firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.20 billion. Otis Worldwide’s revenue for the quarter was down 1.4% compared to the same quarter last year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Friday, November 20th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.19%. The ex-dividend date is Thursday, November 19th. Otis Worldwide’s dividend payout ratio (DPR) is presently 41.67%.

Several research firms have weighed in on OTIS. Wolfe Research raised Otis Worldwide from a “peer perform” rating to an “outperform” rating in a research note on Thursday, September 24th. Zacks Investment Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Wednesday, November 11th. Credit Suisse Group boosted their price objective on Otis Worldwide from $66.00 to $70.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 27th. JPMorgan Chase & Co. boosted their price objective on Otis Worldwide from $75.00 to $79.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 7th. Finally, BidaskClub upgraded Otis Worldwide from a “sell” rating to a “hold” rating in a research report on Friday, September 25th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $63.13.

Otis Worldwide Profile

Otis Worldwide Corporation manufactures, installs, and services elevators and escalators worldwide. The company operates through 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.

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Institutional Ownership by Quarter for Otis Worldwide (NASDAQ:OTIS)

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