Canada Pension Plan Investment Board Increases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Canada Pension Plan Investment Board raised its holdings in Otis Worldwide Co. (NYSE:OTISFree Report) by 33.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 226,680 shares of the company’s stock after buying an additional 57,000 shares during the period. Canada Pension Plan Investment Board owned about 0.06% of Otis Worldwide worth $18,205,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of OTIS. Aptus Capital Advisors LLC acquired a new stake in Otis Worldwide during the third quarter worth approximately $269,000. Wade G W & Inc. raised its stake in Otis Worldwide by 15.5% during the 3rd quarter. Wade G W & Inc. now owns 3,356 shares of the company’s stock worth $270,000 after acquiring an additional 450 shares in the last quarter. Campbell & CO Investment Adviser LLC raised its stake in Otis Worldwide by 28.9% during the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 21,613 shares of the company’s stock worth $1,736,000 after acquiring an additional 4,850 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Otis Worldwide in the third quarter valued at $42,000. Finally, HighTower Advisors LLC boosted its stake in Otis Worldwide by 1.2% in the third quarter. HighTower Advisors LLC now owns 848,646 shares of the company’s stock valued at $68,145,000 after acquiring an additional 10,105 shares in the last quarter. 85.48% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on OTIS. Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research report on Monday, February 5th. Wells Fargo & Company reduced their price objective on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, February 1st. Finally, Vertical Research lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Otis Worldwide has an average rating of “Hold” and an average target price of $89.33.

Read Our Latest Report on Otis Worldwide

Insider Transactions at Otis Worldwide

In related news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.15% of the company’s stock.

Otis Worldwide Stock Up 0.2 %

OTIS opened at $91.08 on Monday. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $92.45. The business has a 50 day moving average price of $88.57 and a two-hundred day moving average price of $84.83. The company has a market cap of $36.93 billion, a PE ratio of 26.87 and a beta of 1.00.

Otis Worldwide (NYSE:OTISGet Free Report) last released its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.85 by $0.02. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. The business had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.57 billion. During the same quarter in the prior year, the business earned $0.75 earnings per share. As a group, sell-side analysts expect that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 8th. Stockholders of record on Friday, February 16th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend is Thursday, February 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 40.12%.

About Otis Worldwide

(Free Report)

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.

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

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