The Manufacturers Life Insurance Company Sells 23,695 Shares of Otis Worldwide Co. (NYSE:OTIS)

The Manufacturers Life Insurance Company reduced its stake in Otis Worldwide Co. (NYSE:OTIS) by 3.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 636,197 shares of the company’s stock after selling 23,695 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Otis Worldwide were worth $66,126,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Appian Way Asset Management LP bought a new stake in Otis Worldwide in the second quarter worth $991,000. Cetera Investment Advisers raised its position in shares of Otis Worldwide by 259.1% in the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock worth $4,603,000 after purchasing an additional 33,457 shares during the last quarter. Blair William & Co. IL boosted its stake 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 purchasing an additional 9,643 shares in the last quarter. Public Sector Pension Investment Board grew its position in Otis Worldwide by 3.2% during the 2nd quarter. Public Sector Pension Investment Board now owns 198,871 shares of the company’s stock valued at $19,143,000 after purchasing an additional 6,259 shares during the last quarter. Finally, Tidal Investments LLC grew its position in Otis Worldwide by 49.5% during the 1st quarter. Tidal Investments LLC now owns 25,252 shares of the company’s stock valued at $2,509,000 after purchasing an additional 8,356 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $102.52 on Thursday. Otis Worldwide Co. has a one year low of $83.99 and a one year high of $106.33. The stock has a fifty day moving average of $101.63 and a 200 day moving average of $97.73. The stock has a market cap of $40.95 billion, a PE ratio of 25.57 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. Otis Worldwide’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the company earned $0.95 EPS. As a group, sell-side analysts predict that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s payout ratio is 38.90%.

Insider Transactions at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the transaction, 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 legal filing with the SEC, which can be accessed through this link. 0.23% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on OTIS. Barclays decreased their target price on shares of 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 Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective on the stock. Wells Fargo & Company reduced their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target 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.