Canoe Financial LP Raises Holdings in Otis Worldwide Corporation $OTIS

Canoe Financial LP raised its position in Otis Worldwide Corporation (NYSE:OTIS) by 15.6% in the 4th quarter, HoldingsChannel reports. The fund owned 2,787,870 shares of the company’s stock after purchasing an additional 375,914 shares during the period. Otis Worldwide makes up about 3.3% of Canoe Financial LP’s investment portfolio, making the stock its 7th biggest holding. Canoe Financial LP’s holdings in Otis Worldwide were worth $243,520,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Root Financial Partners LLC bought a new stake in shares of Otis Worldwide during the third quarter valued at approximately $26,000. Stance Capital LLC bought a new position in Otis Worldwide in the third quarter worth $27,000. Rakuten Investment Management Inc. acquired a new stake in Otis Worldwide during the third quarter worth $31,000. Oakworth Capital Inc. increased its holdings in Otis Worldwide by 49.1% in the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock valued at $31,000 after buying an additional 113 shares during the period. Finally, Physician Wealth Advisors Inc. increased its holdings in Otis Worldwide by 57.7% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock valued at $31,000 after buying an additional 124 shares during the period. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $76.03 on Friday. The company’s fifty day moving average is $87.52 and its 200-day moving average is $88.77. Otis Worldwide Corporation has a 52 week low of $75.90 and a 52 week high of $105.95. The company has a market capitalization of $29.55 billion, a PE ratio of 21.72, a P/E/G ratio of 2.28 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.03. The firm had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period last year, the firm posted $0.93 EPS. On average, analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 13th were paid a $0.42 dividend. The ex-dividend date was Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.2%. Otis Worldwide’s payout ratio is 48.00%.

Insiders Place Their Bets

In related news, CEO Judith Fran Marks sold 56,107 shares of the firm’s stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the completion of the sale, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at $21,002,134.08. This trade represents a 19.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Montlivault Stephane De sold 47,944 shares of Otis Worldwide stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $92.25, for a total value of $4,422,834.00. Following the completion of the transaction, the insider owned 29,176 shares of the company’s stock, valued at approximately $2,691,486. The trade was a 62.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 158,013 shares of company stock valued at $14,337,635 over the last quarter. 0.23% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently commented on OTIS. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a report on Monday, December 15th. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a research report on Tuesday, December 9th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Wolfe Research reaffirmed an “outperform” rating on shares of Otis Worldwide in a report on Monday, March 16th. Finally, JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective on the stock. in a research note on Friday, January 30th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $101.44.

Otis Worldwide Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.