Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by National Bank of Canada FI

National Bank of Canada FI raised its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 274.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 714,413 shares of the company's stock after purchasing an additional 523,518 shares during the quarter. National Bank of Canada FI owned about 0.18% of Otis Worldwide worth $74,250,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. EP Wealth Advisors LLC raised its stake in shares of Otis Worldwide by 7.2% during the third quarter. EP Wealth Advisors LLC now owns 6,407 shares of the company's stock worth $666,000 after purchasing an additional 428 shares during the last quarter. United Services Automobile Association increased its stake in Otis Worldwide by 17.5% in the 3rd quarter. United Services Automobile Association now owns 57,848 shares of the company's stock valued at $6,013,000 after buying an additional 8,611 shares during the period. Kovitz Investment Group Partners LLC raised its position in Otis Worldwide by 40.4% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 28,114 shares of the company's stock worth $2,922,000 after buying an additional 8,093 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Otis Worldwide by 11.9% in the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company's stock worth $382,546,000 after acquiring an additional 391,206 shares during the period. Finally, Stifel Financial Corp boosted its holdings in shares of Otis Worldwide by 3.7% in the third quarter. Stifel Financial Corp now owns 87,852 shares of the company's stock valued at $9,132,000 after acquiring an additional 3,120 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.23% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on OTIS shares. Wolfe Research cut shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a report on Tuesday, October 8th. UBS Group initiated coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a "neutral" rating and a $113.00 target price for the company. Morgan Stanley initiated coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an "equal weight" rating and a $97.00 price target on the stock. Barclays cut Otis Worldwide from an "equal weight" rating to an "underweight" rating and set a $94.00 price objective for the company. in a research report on Thursday. Finally, Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, Otis Worldwide presently has a consensus rating of "Hold" and a consensus price target of $104.57.

Otis Worldwide Price Performance

OTIS traded up $0.68 during trading on Friday, reaching $99.80. 1,475,697 shares of the stock were exchanged, compared to its average volume of 1,719,211. The company has a market capitalization of $39.87 billion, a price-to-earnings ratio of 24.89 and a beta of 1.04. Otis Worldwide Co. has a 1 year low of $85.42 and a 1 year high of $106.33. The business's 50 day moving average price is $101.91 and its two-hundred day moving average price is $97.93.

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 (EPS) 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 analyst estimates of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company's quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the firm earned $0.95 EPS. On average, analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.56%. Otis Worldwide's dividend payout ratio (DPR) is 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.