Fiera Capital Corp Sells 116,451 Shares of Otis Worldwide Co. (NYSE:OTIS)

Fiera Capital Corp lessened its holdings in Otis Worldwide Co. (NYSE:OTIS) by 1.7% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,903,297 shares of the company’s stock after selling 116,451 shares during the period. Otis Worldwide accounts for approximately 2.2% of Fiera Capital Corp’s portfolio, making the stock its 12th largest holding. Fiera Capital Corp owned approximately 1.72% of Otis Worldwide worth $717,529,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Riverview Trust Co purchased a new stake in Otis Worldwide during the third quarter valued at about $25,000. Meeder Asset Management Inc. boosted its holdings in Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after acquiring an additional 196 shares during the period. Jamison Private Wealth Management Inc. grew its position in Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after acquiring an additional 286 shares during the last quarter. Cranbrook Wealth Management LLC lifted its position in Otis Worldwide by 675.7% in 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 during the last quarter. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Otis Worldwide during the third quarter valued at approximately $28,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Up 0.0 %

OTIS traded up $0.02 on Friday, hitting $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 12-month low of $80.49 and a 12-month high of $106.33. The business’s fifty day simple moving average is $99.65 and its 200 day simple moving average is $97.03. The company has a market cap of $40.33 billion, a PE ratio of 25.33 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data 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 firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the previous year, the business earned $0.95 EPS. The firm’s revenue for the quarter was up .7% on a year-over-year basis. On average, analysts anticipate that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages have weighed in on OTIS. Morgan Stanley initiated coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target for the company. 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 lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Barclays cut their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report 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. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $102.00.

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.