Canoe Financial LP Sells 889,219 Shares of Otis Worldwide Co. (NYSE:OTIS)

Canoe Financial LP reduced its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 87.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 129,266 shares of the company's stock after selling 889,219 shares during the period. Canoe Financial LP's holdings in Otis Worldwide were worth $13,499,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. J.W. Cole Advisors Inc. increased its holdings in Otis Worldwide by 11.6% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 7,142 shares of the company's stock worth $742,000 after buying an additional 744 shares in the last quarter. Modera Wealth Management LLC raised its position in Otis Worldwide by 386.6% during the third quarter. Modera Wealth Management LLC now owns 46,490 shares of the company's stock valued at $4,832,000 after purchasing an additional 36,935 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Otis Worldwide by 3.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 26,576 shares of the company's stock worth $2,762,000 after buying an additional 810 shares during the period. Arkadios Wealth Advisors bought a new position in shares of Otis Worldwide during the 3rd quarter worth $260,000. Finally, NorthCrest Asset Manangement LLC lifted its position in Otis Worldwide by 3.6% during the third quarter. NorthCrest Asset Manangement LLC now owns 5,110 shares of the company's stock valued at $531,000 after acquiring an additional 176 shares during the last quarter. Institutional investors own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on OTIS shares. Morgan Stanley started 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 raised their price target on Otis Worldwide from $90.00 to $96.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 2nd. Wolfe Research lowered shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, October 8th. Royal Bank of Canada reiterated an "outperform" rating and set a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Wells Fargo & Company raised their price target on Otis Worldwide from $95.00 to $108.00 and gave the stock an "equal weight" rating in a research report on Monday, October 7th. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $102.71.

Otis Worldwide Stock Performance

NYSE:OTIS traded up $0.19 on Monday, reaching $101.45. The company's stock had a trading volume of 1,486,135 shares, compared to its average volume of 2,102,485. The firm has a market cap of $40.64 billion, a PE ratio of 28.34 and a beta of 1.03. Otis Worldwide Co. has a 1-year low of $75.78 and a 1-year high of $106.33. The business's 50-day moving average price is $98.66 and its two-hundred day moving average price is $96.81.

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.