BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Decreases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its holdings in Otis Worldwide Co. (NYSE:OTIS) by 13.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 67,459 shares of the company’s stock after selling 10,198 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Otis Worldwide were worth $7,012,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in OTIS. Cetera Investment Advisers boosted its position in shares of Otis Worldwide by 259.1% in the first quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock worth $4,603,000 after buying an additional 33,457 shares during the period. Cetera Advisors LLC grew its position in Otis Worldwide by 41.3% in the first quarter. Cetera Advisors LLC now owns 18,463 shares of the company’s stock valued at $1,833,000 after acquiring an additional 5,395 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Otis Worldwide by 100.9% during the second quarter. GAMMA Investing LLC now owns 5,415 shares of the company’s stock valued at $521,000 after purchasing an additional 2,720 shares during the period. Massmutual Trust Co. FSB ADV lifted its position in shares of Otis Worldwide by 21.9% during the second quarter. Massmutual Trust Co. FSB ADV now owns 2,275 shares of the company’s stock worth $219,000 after purchasing an additional 408 shares in the last quarter. Finally, DNB Asset Management AS boosted its stake in shares of Otis Worldwide by 3.5% in the second quarter. DNB Asset Management AS now owns 101,289 shares of the company’s stock valued at $9,750,000 after purchasing an additional 3,460 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the transaction, the executive vice president now directly 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.23% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have commented on OTIS. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Morgan Stanley started coverage on Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Wells Fargo & Company reduced their target price on 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. Finally, Barclays dropped 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 research note on Thursday, October 31st. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average target price of $104.57.

Otis Worldwide Price Performance

Shares of OTIS opened at $102.98 on Monday. Otis Worldwide Co. has a 12-month low of $83.99 and a 12-month high of $106.33. The business’s fifty day moving average price is $101.90 and its 200 day moving average price is $97.81. The stock has a market capitalization of $41.14 billion, a PE ratio of 25.68 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 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 business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same period last year, the firm posted $0.95 earnings per share. The company’s quarterly revenue was up .7% on a year-over-year basis. As a group, research analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be paid a dividend of $0.39 per share. The ex-dividend date is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.51%. Otis Worldwide’s payout ratio is currently 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.