CIBC Asset Management Inc Boosts Stock Position in Otis Worldwide Co. (NYSE:OTIS)

CIBC Asset Management Inc grew its holdings in Otis Worldwide Co. (NYSE:OTIS) by 2.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 146,877 shares of the company’s stock after buying an additional 3,791 shares during the quarter. CIBC Asset Management Inc’s holdings in Otis Worldwide were worth $15,266,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in OTIS. Riverview Trust Co bought a new position in Otis Worldwide in the third quarter worth about $25,000. Meeder Asset Management Inc. raised its position in shares of Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after acquiring an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. lifted its stake in shares of Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares during the period. Cranbrook Wealth Management LLC boosted its position in shares of Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares in the last quarter. Finally, Northwest Investment Counselors LLC purchased a new stake in Otis Worldwide in the third quarter worth $28,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Down 0.2 %

OTIS stock opened at $99.10 on Friday. The stock’s 50 day simple moving average is $100.41 and its 200 day simple moving average is $97.27. Otis Worldwide Co. has a 12-month low of $83.21 and a 12-month high of $106.33. The stock has a market capitalization of $39.59 billion, a PE ratio of 24.71 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) 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). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The business had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same period last year, the business earned $0.95 earnings per share. The company’s quarterly revenue was up .7% on a year-over-year basis. On average, research analysts predict that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.57%. Otis Worldwide’s dividend payout ratio is presently 38.90%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction 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 approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.23% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have commented on OTIS. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Wells Fargo & Company lowered 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. Wolfe Research cut shares of 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 set an “equal weight” rating and a $97.00 target price for the company. Finally, Barclays cut their price target on 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. Eight investment 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 stock currently has an average rating of “Hold” and an average price target of $104.57.

Otis Worldwide 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.