Otis Worldwide Co. (NYSE:OTIS) Stock Position Cut by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 13.1% during the third quarter, Holdings Channel reports. The institutional investor 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 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Riverview Trust Co acquired a new position in Otis Worldwide during the third quarter worth about $25,000. Meeder Asset Management Inc. grew its stake in shares of Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after purchasing an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. raised its holdings in shares of Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after purchasing an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC lifted its stake in Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new stake in Otis Worldwide during the third quarter worth approximately $28,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on OTIS. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Barclays reduced their target price on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Wells Fargo & Company cut their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. UBS Group assumed coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Finally, Royal Bank of Canada restated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Eight 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, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $104.57.

Insider Activity

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Stock Performance

Shares of OTIS opened at $102.98 on Monday. The company has a market capitalization of $41.14 billion, a PE ratio of 25.68 and a beta of 1.04. The company’s 50 day moving average price is $101.90 and its 200 day moving average price is $97.81. Otis Worldwide Co. has a 52 week low of $83.99 and a 52 week high of $106.33.

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 company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the prior year, the firm earned $0.95 earnings per share. The company’s revenue was up .7% on a year-over-year basis. On average, equities analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 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.