Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Impax Asset Management Group plc

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

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Riverview Trust Co purchased a new stake in shares of Otis Worldwide in the third quarter valued at about $25,000. Meeder Asset Management Inc. raised its holdings in shares of 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 buying an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. raised its holdings in Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company's stock worth $28,000 after purchasing an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC raised 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 purchasing an additional 250 shares in the last quarter. Finally, Northwest Investment Counselors LLC purchased a new position in Otis Worldwide during the third quarter worth about $28,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on OTIS shares. Barclays cut their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating for the company in a report on Thursday, October 31st. Royal Bank of Canada reiterated an "outperform" rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Morgan Stanley began 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 on the stock. Wolfe Research lowered shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a report on Tuesday, October 8th. Finally, Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating on the stock in a report on Thursday, October 31st. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $102.00.

Otis Worldwide Price Performance

Otis Worldwide stock traded up $0.40 during midday trading on Wednesday, hitting $100.56. 2,931,632 shares of the stock were exchanged, compared to its average volume of 2,115,808. Otis Worldwide Co. has a 1 year low of $79.54 and a 1 year high of $106.33. The firm has a market cap of $40.17 billion, a P/E ratio of 25.08 and a beta of 1.04. The company has a 50 day moving average price of $99.37 and a two-hundred day moving average price of $96.98.

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). 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 analysts' expectations of $3.59 billion. During the same period last year, the firm earned $0.95 EPS. The business's quarterly revenue was up .7% on a year-over-year basis. As a group, analysts predict that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.55%. The ex-dividend date is Friday, November 15th. Otis Worldwide's dividend payout ratio is currently 38.90%.

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.