Principal Financial Group Inc. Acquires 6,261 Shares of Otis Worldwide Co. (NYSE:OTIS)

Principal Financial Group Inc. increased its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 471,044 shares of the company's stock after buying an additional 6,261 shares during the period. Principal Financial Group Inc. owned 0.12% of Otis Worldwide worth $48,960,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Riverview Trust Co acquired a new position in shares of Otis Worldwide in the third quarter valued at about $25,000. Meeder Asset Management Inc. grew its position in shares of Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company's stock worth $26,000 after purchasing an additional 196 shares in the last quarter. Northwest Investment Counselors LLC bought a new position in shares of Otis Worldwide during the third quarter worth approximately $28,000. Ashton Thomas Securities LLC bought a new stake in shares of Otis Worldwide in the third quarter valued at approximately $29,000. Finally, Cranbrook Wealth Management LLC grew its position 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 buying an additional 250 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Insider Buying and Selling

In other 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 transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS traded down $0.05 during midday trading on Monday, hitting $93.51. 1,220,106 shares of the stock were exchanged, compared to its average volume of 2,086,940. The business's 50-day moving average price is $100.56 and its 200 day moving average price is $97.87. Otis Worldwide Co. has a 12 month low of $85.42 and a 12 month high of $106.33. The stock has a market capitalization of $37.35 billion, a price-to-earnings ratio of 23.32 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its 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 company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the prior year, the business earned $0.95 earnings per share. The firm's revenue for the quarter was up .7% on a year-over-year basis. As a group, sell-side analysts expect that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were issued a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.67%. Otis Worldwide's payout ratio is 38.90%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Barclays downgraded Otis Worldwide from an "equal weight" rating to an "underweight" rating and set a $94.00 target price for the company. in a research report on Thursday, December 5th. Morgan Stanley initiated coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an "equal weight" rating and a $97.00 target price on the stock. UBS Group assumed coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price target for the company. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 31st. Finally, Wolfe Research cut Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Otis Worldwide has a consensus rating of "Hold" and a consensus price target of $104.50.

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.