Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Pacer Advisors Inc.

Pacer Advisors Inc. increased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 31.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 71,444 shares of the company’s stock after acquiring an additional 17,175 shares during the quarter. Pacer Advisors Inc.’s holdings in Otis Worldwide were worth $7,426,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Acadian Asset Management LLC lifted its position in shares of Otis Worldwide by 322.0% during the 1st quarter. Acadian Asset Management LLC now owns 6,798 shares of the company’s stock worth $673,000 after buying an additional 5,187 shares during the last quarter. CreativeOne Wealth LLC purchased a new position in shares of Otis Worldwide during the first quarter worth about $288,000. Advisors Asset Management Inc. grew its holdings in shares of Otis Worldwide by 31.6% during the first quarter. Advisors Asset Management Inc. now owns 8,048 shares of the company’s stock worth $799,000 after purchasing an additional 1,934 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in shares of Otis Worldwide by 65.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 253,379 shares of the company’s stock valued at $25,153,000 after purchasing an additional 99,799 shares during the last quarter. Finally, Caxton Associates LP acquired a new stake in shares of Otis Worldwide in the 1st quarter valued at about $1,661,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Up 1.3 %

Shares of Otis Worldwide stock opened at $101.20 on Friday. The firm has a market cap of $40.43 billion, a price-to-earnings ratio of 25.24 and a beta of 1.04. Otis Worldwide Co. has a 52-week low of $83.99 and a 52-week high of $106.33. The company’s 50-day simple moving average is $101.19 and its 200-day simple moving average is $97.59.

Otis Worldwide (NYSE:OTIS) last issued its earnings results 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 business had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same period last year, the company posted $0.95 earnings per share. The business’s quarterly revenue was up .7% on a year-over-year basis. Equities research analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.54%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on OTIS shares. UBS Group began coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Wells Fargo & Company reduced 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. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Finally, Barclays lowered their price target on 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, the company currently has an average rating of “Hold” and a consensus target price of $104.57.

Insider Activity

In related news, EVP Abbe Luersman sold 9,000 shares of the company’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 value of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.23% of the company’s stock.

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.