CANADA LIFE ASSURANCE Co Trims Stock Position in Otis Worldwide Co. (NYSE:OTIS)

CANADA LIFE ASSURANCE Co lessened its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 657,917 shares of the company’s stock after selling 12,671 shares during the quarter. CANADA LIFE ASSURANCE Co owned about 0.16% of Otis Worldwide worth $65,390,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in OTIS. Norges Bank purchased a new stake in shares of Otis Worldwide during the 4th quarter valued at approximately $628,855,000. Vanguard Group Inc. raised its position in shares of Otis Worldwide by 14.8% during the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after buying an additional 5,913,933 shares during the period. PineStone Asset Management Inc. raised its position in shares of Otis Worldwide by 17.4% during the 4th quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company’s stock valued at $298,721,000 after buying an additional 494,460 shares during the period. Putnam Investments LLC raised its position in shares of Otis Worldwide by 20.1% during the 4th quarter. Putnam Investments LLC now owns 2,409,345 shares of the company’s stock valued at $215,564,000 after buying an additional 403,215 shares during the period. Finally, Clean Energy Transition LLP purchased a new stake in shares of Otis Worldwide during the 4th quarter valued at approximately $30,337,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Down 7.1 %

Shares of OTIS stock traded down $6.95 on Wednesday, reaching $91.43. 5,832,294 shares of the stock were exchanged, compared to its average volume of 2,085,914. The business’s 50 day moving average price is $97.33 and its 200 day moving average price is $94.99. The company has a market capitalization of $36.97 billion, a price-to-earnings ratio of 26.42 and a beta of 1.03. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.84.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. The firm had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. Equities research analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the transaction, the executive vice president now owns 15,570 shares in the company, valued at $1,458,753.30. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on OTIS shares. Wells Fargo & Company boosted their target price on Otis Worldwide from $98.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. Barclays boosted their target price on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Argus boosted their target price on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Melius began coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating for the company. Finally, JPMorgan Chase & Co. boosted their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $99.67.

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.