Cohen Capital Management Inc. Purchases 310 Shares of Otis Worldwide Co. (NYSE:OTIS)

Cohen Capital Management Inc. grew its holdings in Otis Worldwide Co. (NYSE:OTIS) by 0.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 47,996 shares of the company’s stock after purchasing an additional 310 shares during the quarter. Cohen Capital Management Inc.’s holdings in Otis Worldwide were worth $4,989,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Nordea Investment Management AB lifted its holdings in Otis Worldwide by 19.6% in the first quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock valued at $46,138,000 after buying an additional 75,878 shares during the period. First Eagle Investment Management LLC raised its position in shares of Otis Worldwide by 173.7% during the 1st quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock valued at $1,990,000 after acquiring an additional 12,722 shares during the last quarter. Appian Way Asset Management LP acquired a new position in shares of Otis Worldwide in the 2nd quarter valued at $991,000. Cetera Investment Advisers boosted its position in shares of Otis Worldwide by 259.1% in the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock worth $4,603,000 after purchasing an additional 33,457 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Otis Worldwide by 37.5% during the first quarter. SG Americas Securities LLC now owns 159,478 shares of the company’s stock worth $15,831,000 after purchasing an additional 43,485 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.6 %

Shares of NYSE OTIS opened at $100.00 on Monday. The company has a fifty day moving average price of $99.11 and a 200 day moving average price of $96.91. The firm has a market cap of $40.06 billion, a PE ratio of 24.80 and a beta of 1.04. Otis Worldwide Co. has a 1-year low of $79.44 and a 1-year 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 analysts’ consensus estimates of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.95 earnings per share. Equities research analysts forecast that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s payout ratio is 38.90%.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Morgan Stanley assumed coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday. Finally, Barclays decreased their price target 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. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $102.00.

About Otis Worldwide

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.