Compass Wealth Management LLC Sells 7,115 Shares of Otis Worldwide Corporation $OTIS

Compass Wealth Management LLC lessened its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 74.8% in the third quarter, according to its most recent filing with the SEC. The firm owned 2,400 shares of the company’s stock after selling 7,115 shares during the period. Compass Wealth Management LLC’s holdings in Otis Worldwide were worth $219,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in OTIS. Vanguard Group Inc. boosted its position in shares of Otis Worldwide by 4.3% in the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock worth $4,811,100,000 after purchasing an additional 1,991,860 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Otis Worldwide by 3.2% during the 2nd quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock worth $1,918,885,000 after buying an additional 603,860 shares during the period. Geode Capital Management LLC grew its position in shares of Otis Worldwide by 1.2% during the 2nd quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company’s stock worth $1,057,594,000 after buying an additional 129,458 shares during the period. Norges Bank bought a new stake in shares of Otis Worldwide in the 2nd quarter valued at about $721,614,000. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Otis Worldwide by 2.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,092,014 shares of the company’s stock valued at $648,423,000 after acquiring an additional 181,739 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Buying and Selling

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total transaction of $277,637.32. Following the completion of the transaction, the chief accounting officer owned 2,628 shares of the company’s stock, valued at $240,961.32. This represents a 53.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Barclays boosted their price objective on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a report on Tuesday, December 9th. Finally, Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $104.13.

Otis Worldwide Trading Up 0.0%

Shares of NYSE OTIS opened at $90.60 on Wednesday. The company has a fifty day moving average price of $88.41 and a 200 day moving average price of $89.46. The firm has a market cap of $35.31 billion, a PE ratio of 26.72, a PEG ratio of 2.62 and a beta of 1.02. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.05. The firm had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $3.65 billion. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter last year, the business posted $0.96 EPS. Equities research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 5th. Investors of record on Friday, November 14th were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Friday, November 14th. Otis Worldwide’s dividend payout ratio (DPR) is currently 49.56%.

Otis Worldwide Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.