Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Impax Asset Management Group plc

Impax Asset Management Group plc lowered its stake in Otis Worldwide Co. (NYSE:OTIS) by 5.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 111,296 shares of the company’s stock after selling 6,202 shares during the quarter. Impax Asset Management Group plc’s holdings in Otis Worldwide were worth $11,568,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Empowered Funds LLC raised its position in Otis Worldwide by 43.6% in the first quarter. Empowered Funds LLC now owns 6,205 shares of the company’s stock worth $616,000 after acquiring an additional 1,884 shares in the last quarter. First Eagle Investment Management LLC raised its position in Otis Worldwide by 173.7% in the first 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 in the last quarter. Kingsview Wealth Management LLC raised its position in Otis Worldwide by 8.1% in the first quarter. Kingsview Wealth Management LLC now owns 6,099 shares of the company’s stock worth $605,000 after acquiring an additional 455 shares in the last quarter. Nicolet Advisory Services LLC bought a new stake in Otis Worldwide in the first quarter worth about $209,000. Finally, Intech Investment Management LLC raised its position in Otis Worldwide by 13.7% in the first quarter. Intech Investment Management LLC now owns 39,215 shares of the company’s stock worth $3,893,000 after acquiring an additional 4,720 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on OTIS. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Barclays dropped their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Morgan Stanley began coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Finally, UBS Group began coverage on Otis Worldwide in a report on Wednesday. They set a “neutral” rating and a $113.00 price objective on the stock. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock presently 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 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 value of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Price Performance

Shares of OTIS opened at $99.10 on Friday. The company has a market capitalization of $39.59 billion, a price-to-earnings ratio of 24.71 and a beta of 1.04. Otis Worldwide Co. has a fifty-two week low of $83.21 and a fifty-two week high of $106.33. The business’s 50-day moving average is $100.41 and its 200-day moving average is $97.27.

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

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued a $0.39 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.57%. Otis Worldwide’s dividend payout ratio is 38.90%.

About Otis Worldwide

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.