Canoe Financial LP Sells 889,219 Shares of Otis Worldwide Co. (NYSE:OTIS)

Canoe Financial LP decreased its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 87.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 129,266 shares of the company’s stock after selling 889,219 shares during the quarter. Canoe Financial LP’s holdings in Otis Worldwide were worth $13,499,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in OTIS. Riverview Trust Co purchased a new stake in shares of Otis Worldwide in the 3rd quarter worth $25,000. Meeder Asset Management Inc. raised its holdings in shares of Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after acquiring an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. raised its holdings in shares of Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after acquiring an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC lifted its stake in Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after acquiring an additional 250 shares during the period. Finally, Northwest Investment Counselors LLC bought a new position in Otis Worldwide during the 3rd quarter worth about $28,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

NYSE OTIS opened at $101.26 on Monday. The company has a market cap of $40.94 billion, a price-to-earnings ratio of 29.27 and a beta of 1.03. The stock’s fifty day moving average price is $98.48 and its 200 day moving average price is $96.79. Otis Worldwide Co. has a 1 year low of $75.16 and a 1 year high of $106.33.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several recent research reports. Morgan Stanley began coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. Wells Fargo & Company lifted their price target on Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Barclays raised their price objective on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $102.71.

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.