Canoe Financial LP Acquires 904,157 Shares of Otis Worldwide Co. (NYSE:OTIS)

Canoe Financial LP increased its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 699.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,033,423 shares of the company's stock after purchasing an additional 904,157 shares during the period. Otis Worldwide makes up 1.4% of Canoe Financial LP's holdings, making the stock its 28th biggest holding. Canoe Financial LP owned 0.26% of Otis Worldwide worth $95,705,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Appian Way Asset Management LP bought a new stake in shares of Otis Worldwide during the 2nd quarter worth $991,000. M&T Bank Corp raised its stake in Otis Worldwide by 11.2% during the third quarter. M&T Bank Corp now owns 183,984 shares of the company's stock worth $19,123,000 after acquiring an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Otis Worldwide by 11.1% in the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company's stock worth $5,111,000 after acquiring an additional 4,918 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares in the last quarter. Finally, Blair William & Co. IL grew its holdings in shares of Otis Worldwide by 64.7% during the 2nd quarter. Blair William & Co. IL now owns 24,544 shares of the company's stock valued at $2,363,000 after purchasing an additional 9,643 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the firm's 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 directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Trading Up 1.7 %

OTIS stock traded up $1.56 during trading on Friday, hitting $94.76. The company had a trading volume of 1,869,845 shares, compared to its average volume of 1,490,667. The stock has a market cap of $37.85 billion, a PE ratio of 23.63 and a beta of 1.06. The business has a 50-day moving average of $96.80 and a 200-day moving average of $97.28. Otis Worldwide Co. has a one year low of $85.61 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts' consensus estimates 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 firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the prior year, the company posted $0.95 earnings per share. The company's revenue for the quarter was up .7% compared to the same quarter last year. Research analysts forecast that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide announced that its Board of Directors has approved a share repurchase plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were given a dividend of $0.39 per share. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. Otis Worldwide's payout ratio is 38.90%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on OTIS shares. Barclays cut their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a research report on Wednesday, January 8th. Wolfe Research cut Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target for the company. in a research note on Thursday, December 12th. JPMorgan Chase & Co. lowered their target price on Otis Worldwide from $112.00 to $108.00 and set a "neutral" rating for the company in a report on Wednesday. UBS Group initiated coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price target on the stock. Finally, Wells Fargo & Company reduced their price target on Otis Worldwide from $105.00 to $100.00 and set an "equal weight" rating on the stock in a report on Tuesday, January 7th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Otis Worldwide presently has an average rating of "Hold" and a consensus price target of $103.88.

About Otis Worldwide

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.