Pacer Advisors Inc. Boosts Stake in Otis Worldwide Co. (NYSE:OTIS)

Pacer Advisors Inc. grew its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 31.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 71,444 shares of the company's stock after buying an additional 17,175 shares during the quarter. Pacer Advisors Inc.'s holdings in Otis Worldwide were worth $7,426,000 at the end of the most recent quarter.

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

Otis Worldwide Trading Up 1.3 %

Otis Worldwide stock traded up $1.25 during midday trading on Friday, hitting $101.20. The stock had a trading volume of 1,819,992 shares, compared to its average volume of 2,160,758. Otis Worldwide Co. has a 52-week low of $83.99 and a 52-week high of $106.33. The company has a market capitalization of $40.43 billion, a PE ratio of 25.24 and a beta of 1.04. The firm's fifty day moving average is $101.19 and its two-hundred day moving average is $97.61.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm's revenue for the quarter was up .7% on a year-over-year basis. During the same period last year, the company earned $0.95 EPS. As a group, equities research analysts predict that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a yield of 1.54%. Otis Worldwide's dividend payout ratio (DPR) is currently 38.90%.

Insiders Place Their Bets

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares of the company's stock, 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 SEC, which is available through this hyperlink. Corporate insiders own 0.23% of the company's stock.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of research reports. Wolfe Research lowered shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, October 8th. Barclays reduced their target price on Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating on the stock in a report on Thursday, October 31st. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price target on the stock. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Wells Fargo & Company lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating for the company in a research report on Thursday, October 31st. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $104.57.

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.