Principal Financial Group Inc. Buys 6,261 Shares of Otis Worldwide Co. (NYSE:OTIS)

Principal Financial Group Inc. grew its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.3% during the third quarter, according to its most recent filing with the SEC. The firm owned 471,044 shares of the company’s stock after acquiring an additional 6,261 shares during the period. Principal Financial Group Inc. owned about 0.12% of Otis Worldwide worth $48,960,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Riverview Trust Co purchased a new stake in shares of Otis Worldwide in the 3rd quarter worth approximately $25,000. Meeder Asset Management Inc. raised its position in shares of Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after purchasing an additional 196 shares during the last quarter. Northwest Investment Counselors LLC bought a new position in Otis Worldwide in the 3rd quarter worth about $28,000. Ashton Thomas Securities LLC purchased a new stake in Otis Worldwide during the 3rd quarter valued at about $29,000. Finally, Cranbrook Wealth Management LLC increased its stake in Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on OTIS shares. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. UBS Group initiated coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Morgan Stanley initiated coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Finally, Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $104.50.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $93.56 on Monday. The company has a market cap of $37.37 billion, a price-to-earnings ratio of 23.33 and a beta of 1.04. Otis Worldwide Co. has a 1 year low of $85.42 and a 1 year high of $106.33. The firm has a fifty day moving average price of $100.56 and a 200-day moving average price of $97.89.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 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 during the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the previous year, the company earned $0.95 EPS. The business’s quarterly revenue was up .7% compared to the same quarter last year. Equities research analysts expect that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were given a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.67%. Otis Worldwide’s payout ratio is currently 38.90%.

Insider Transactions at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated 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 sale, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.23% of the company’s stock.

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.