Impax Asset Management Group plc Decreases Stake in Otis Worldwide Co. (NYSE:OTIS)

Impax Asset Management Group plc lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 5.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 111,296 shares of the company's stock after selling 6,202 shares during the quarter. Impax Asset Management Group plc's holdings in Otis Worldwide were worth $11,568,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. PineStone Asset Management Inc. grew its position in shares of Otis Worldwide by 138.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company's stock worth $429,717,000 after buying an additional 2,590,780 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Otis Worldwide by 3,673.6% during the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company's stock worth $232,662,000 after purchasing an additional 2,201,988 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Otis Worldwide by 12.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company's stock valued at $793,945,000 after purchasing an additional 907,972 shares during the last quarter. Sarasin & Partners LLP boosted its position in shares of Otis Worldwide by 27.2% in the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company's stock worth $398,061,000 after purchasing an additional 883,659 shares in the last quarter. Finally, Brown Brothers Harriman & Co. grew its stake in Otis Worldwide by 2,782.3% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company's stock worth $78,469,000 after buying an additional 786,897 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the company's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Price Performance

OTIS stock traded down $0.23 during trading on Friday, hitting $99.10. 1,855,225 shares of the company traded hands, compared to its average volume of 2,114,761. Otis Worldwide Co. has a 1 year low of $83.21 and a 1 year high of $106.33. The company has a market cap of $39.59 billion, a PE ratio of 24.71 and a beta of 1.04. The stock's 50-day simple moving average is $100.41 and its 200 day simple moving average is $97.27.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its 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). The firm had revenue of $3.55 billion for the quarter, compared to analysts' expectations of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide's revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the firm earned $0.95 earnings per share. Research analysts expect that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.57%. Otis Worldwide's dividend payout ratio is currently 38.90%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on OTIS shares. Royal Bank of Canada reissued an "outperform" rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Barclays lowered their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating for the company in a research note on Thursday, October 31st. Morgan Stanley started coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an "equal weight" rating and a $97.00 price target on the stock. Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating for the company in a research note on Thursday, October 31st. Finally, Wolfe Research lowered Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, October 8th. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $104.57.

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.