BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $7.01 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 13.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 67,459 shares of the company's stock after selling 10,198 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Otis Worldwide were worth $7,012,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Riverview Trust Co bought a new position in Otis Worldwide in the third quarter valued at approximately $25,000. Meeder Asset Management Inc. increased its holdings in 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 purchasing an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. lifted its stake in 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 buying an additional 286 shares during the period. Cranbrook Wealth Management LLC boosted its holdings in Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock worth $28,000 after buying an additional 250 shares during the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Otis Worldwide during the 3rd quarter worth about $28,000. 88.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on OTIS shares. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 31st. Wolfe Research cut shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, October 8th. Morgan Stanley assumed 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. Barclays dropped their price objective on Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 31st. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $104.57.

Insider Buying and Selling

In other news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated 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 transaction, the executive vice president now owns 9,992 shares of the company's stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Stock Down 1.1 %

Shares of NYSE OTIS traded down $1.18 during mid-day trading on Monday, reaching $101.80. 1,427,381 shares of the company were exchanged, compared to its average volume of 2,097,944. The stock has a market capitalization of $40.67 billion, a P/E ratio of 25.41 and a beta of 1.04. The company's 50-day simple moving average is $101.90 and its 200-day simple moving average is $97.81. Otis Worldwide Co. has a twelve month low of $85.42 and a twelve month high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same period in the previous year, the business posted $0.95 earnings per share. The business's revenue for the quarter was up .7% on a year-over-year basis. As a group, equities research analysts expect that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide's dividend payout ratio (DPR) is presently 38.90%.

Otis Worldwide Company 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.