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

Principal Financial Group Inc. lifted its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 471,044 shares of the company's stock after buying an additional 6,261 shares during the quarter. Principal Financial Group Inc. owned about 0.12% of Otis Worldwide worth $48,960,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Massachusetts Financial Services Co. MA increased its position in Otis Worldwide by 12.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company's stock worth $793,945,000 after buying an additional 907,972 shares during the period. PineStone Asset Management Inc. increased 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 worth $429,717,000 after acquiring an additional 2,590,780 shares during the period. Sarasin & Partners LLP raised its stake in Otis Worldwide by 27.2% during the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company's stock valued at $398,061,000 after purchasing an additional 883,659 shares during the last quarter. Legal & General Group Plc boosted its holdings in Otis Worldwide by 0.4% in the 2nd quarter. Legal & General Group Plc now owns 3,660,401 shares of the company's stock valued at $352,351,000 after purchasing an additional 15,021 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Otis Worldwide by 4.1% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company's stock worth $316,782,000 after purchasing an additional 126,684 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on OTIS shares. Wolfe Research lowered Otis Worldwide from an "outperform" rating to a "peer perform" rating in a report on Tuesday, October 8th. 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. Barclays reduced their price objective 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 reissued an "outperform" rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Wells Fargo & Company dropped their price target on shares of 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 equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $102.00.

Insider Activity

In related news, EVP Abbe Luersman sold 9,000 shares of the business's stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.23% of the company's stock.

Otis Worldwide Trading Up 1.5 %

Shares of NYSE OTIS traded up $1.49 during mid-day trading on Monday, reaching $101.52. 1,610,745 shares of the company's stock were exchanged, compared to its average volume of 2,114,063. The firm has a market capitalization of $40.55 billion, a price-to-earnings ratio of 25.32 and a beta of 1.04. The business has a fifty day simple moving average of $99.90 and a 200 day simple moving average of $97.14. Otis Worldwide Co. has a twelve month low of $81.21 and a twelve month high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $0.96 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 business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the previous year, the company posted $0.95 EPS. The business's revenue for the quarter was up .7% compared to the same quarter last year. Equities research analysts predict that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide's payout ratio is presently 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.