Otis Worldwide Co. (NYSE:OTIS) Stock Position Decreased by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 657,917 shares of the company’s stock after selling 12,671 shares during the quarter. CANADA LIFE ASSURANCE Co’s holdings in Otis Worldwide were worth $65,390,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of OTIS. Cetera Trust Company N.A acquired a new stake in shares of Otis Worldwide in the fourth quarter worth $27,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter worth $28,000. LifeSteps Financial Inc. acquired a new stake in shares of Otis Worldwide in the first quarter worth $31,000. Pacific Capital Wealth Advisors Inc. acquired a new stake in shares of Otis Worldwide in the fourth quarter worth $35,000. Finally, Accent Capital Management LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth $36,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Down 7.1 %

NYSE OTIS traded down $6.95 during trading on Wednesday, hitting $91.43. 5,832,294 shares of the company traded hands, compared to its average volume of 2,085,914. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.84. The business has a fifty day simple moving average of $97.33 and a 200 day simple moving average of $94.99. The company has a market capitalization of $36.97 billion, a P/E ratio of 26.42 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. Equities research analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on OTIS shares. Barclays increased their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. JPMorgan Chase & Co. increased their price objective on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Melius started coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating for the company. Argus increased their price objective on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Finally, Wells Fargo & Company increased their price objective on Otis Worldwide from $98.00 to $100.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $99.67.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the transaction, the executive vice president now directly owns 15,570 shares in the company, valued at $1,458,753.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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.