Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Fiera Capital Corp

Fiera Capital Corp trimmed its holdings in Otis Worldwide Co. (NYSE:OTIS) by 1.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,903,297 shares of the company’s stock after selling 116,451 shares during the quarter. Otis Worldwide accounts for approximately 2.2% of Fiera Capital Corp’s investment portfolio, making the stock its 12th biggest holding. Fiera Capital Corp’s holdings in Otis Worldwide were worth $717,529,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of OTIS. PineStone Asset Management Inc. boosted its holdings in shares of Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after purchasing an additional 2,590,780 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Otis Worldwide by 3,673.6% during the 3rd quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock worth $232,662,000 after acquiring an additional 2,201,988 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Otis Worldwide by 12.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after acquiring an additional 907,972 shares during the last quarter. Sarasin & Partners LLP increased its position in Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after purchasing an additional 883,659 shares during the last quarter. Finally, Brown Brothers Harriman & Co. raised its stake in Otis Worldwide by 2,782.3% during the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after purchasing an additional 786,897 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE:OTIS traded up $0.02 during trading on Friday, reaching $100.96. The company had a trading volume of 618,733 shares, compared to its average volume of 2,106,833. Otis Worldwide Co. has a fifty-two week low of $80.49 and a fifty-two week high of $106.33. The stock’s fifty day moving average price is $99.65 and its 200 day moving average price is $97.03. The firm has a market capitalization of $40.33 billion, a price-to-earnings ratio of 25.33 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued 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 company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the previous year, the firm posted $0.95 earnings per share. Otis Worldwide’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities analysts anticipate that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on OTIS. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Barclays cut their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Wells Fargo & Company reduced their price objective on 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, Morgan Stanley initiated coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $102.00.

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.