Otis Worldwide Corporation $OTIS Holdings Boosted by Canoe Financial LP

Canoe Financial LP boosted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 15.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,787,870 shares of the company’s stock after buying an additional 375,914 shares during the period. Otis Worldwide makes up about 3.3% of Canoe Financial LP’s holdings, making the stock its 7th biggest position. Canoe Financial LP owned approximately 0.72% of Otis Worldwide worth $243,520,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in OTIS. Root Financial Partners LLC acquired a new position in shares of Otis Worldwide in the third quarter worth $26,000. Stance Capital LLC purchased a new position in Otis Worldwide in the third quarter valued at about $27,000. Rakuten Investment Management Inc. acquired a new position in Otis Worldwide in the 3rd quarter worth about $31,000. Oakworth Capital Inc. raised its stake in shares of Otis Worldwide by 49.1% during the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after purchasing an additional 113 shares in the last quarter. Finally, Physician Wealth Advisors Inc. lifted its holdings in shares of Otis Worldwide by 57.7% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock valued at $31,000 after buying an additional 124 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on OTIS shares. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a report on Tuesday, December 9th. JPMorgan Chase & Co. lowered shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a research note on Friday, January 30th. New Street Research set a $98.00 price target on shares of Otis Worldwide in a report on Friday, January 30th. Wolfe Research reaffirmed an “outperform” rating on shares of Otis Worldwide in a research note on Monday, March 16th. Finally, Wall Street Zen cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $101.44.

Otis Worldwide Stock Down 1.8%

Shares of Otis Worldwide stock opened at $76.03 on Friday. Otis Worldwide Corporation has a 12-month low of $75.90 and a 12-month high of $105.95. The stock has a 50 day moving average price of $87.52 and a two-hundred day moving average price of $88.77. The stock has a market capitalization of $29.55 billion, a P/E ratio of 21.72, a PEG ratio of 2.28 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.03. The business had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. Otis Worldwide’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.93 earnings per share. Sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 13th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Friday, February 13th. Otis Worldwide’s dividend payout ratio is 48.00%.

Insider Activity

In other news, CAO Michael Patrick Ryan sold 1,182 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total value of $106,450.92. Following the sale, the chief accounting officer directly owned 3,504 shares of the company’s stock, valued at approximately $315,570.24. This trade represents a 25.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Montlivault Stephane De sold 47,944 shares of Otis Worldwide stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $92.25, for a total value of $4,422,834.00. Following the completion of the transaction, the insider owned 29,176 shares in the company, valued at $2,691,486. The trade was a 62.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 158,013 shares of company stock valued at $14,337,635 over the last three months. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.