CIBC Asset Management Inc Buys 3,791 Shares of Otis Worldwide Co. (NYSE:OTIS)

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

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. First Eagle Investment Management LLC increased its holdings in Otis Worldwide by 173.7% in the 1st quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock worth $1,990,000 after acquiring an additional 12,722 shares during the last quarter. Appian Way Asset Management LP purchased a new position in shares of Otis Worldwide in the second quarter worth about $991,000. Cetera Investment Advisers raised its position in shares of Otis Worldwide by 259.1% in the first quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after purchasing an additional 33,457 shares during the period. Natixis purchased a new stake in shares of Otis Worldwide during the 1st quarter valued at approximately $3,722,000. Finally, Blair William & Co. IL boosted its holdings in Otis Worldwide by 64.7% in the 2nd quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock worth $2,363,000 after buying an additional 9,643 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $99.10 on Friday. Otis Worldwide Co. has a 1 year low of $83.21 and a 1 year high of $106.33. The firm has a market cap of $39.59 billion, a PE ratio of 24.71 and a beta of 1.04. The company has a 50 day simple moving average of $100.41 and a two-hundred day simple moving average of $97.27.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $3.59 billion. During the same period in the prior year, the firm posted $0.95 earnings per share. The business’s revenue was up .7% on a year-over-year basis. As a group, research analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be given 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 yield of 1.57%. Otis Worldwide’s payout ratio is 38.90%.

Insider Buying and Selling

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

OTIS has been the topic of a number of analyst reports. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Barclays reduced their target price on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. 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. Finally, UBS Group began coverage on shares of Otis Worldwide in a research note on Wednesday. They set a “neutral” rating and a $113.00 price objective for the company. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $104.57.

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.